I already figured out the majority of the solution to this problem but I just need help on the last part. The question is:
Consider the linear oscillator without friction: $$m\frac{d^2x}{dt^2}=-kx$$
(a) Sketch the solution in the phase plane
(b) Interpret the solution
So I already kow that the sketch on the phase plane are going to be concentric circles kind of like this

However, I don't understand what that means. Does that mean the mass will oscillate on the spring forever if it is on one of those lines?
Every circle centered at the origin is a possible route of the solution of your harmonic oscillator, i.e., of $$ \big(x(t),x'(t)\big), \quad t\in\mathbb R. $$ The fact that the routes are circles (in general, closed curves) means that the equation describes a periodic phenomenon.