What does "Revise" mean?
I’ve reviewed for several journals that asked us to pick our overall recommendation from a four-item list:


Accept, with minor revisions
Accept, with major revisions
Revise and resubmit
Reject


So “Revise and resubmit” is (in very crude terms) ranked between “Accept, major revisions” and “Reject” on a scale of favourability.  The editor is not rejecting your paper, but they are not committing to accepting it yet either — they want to re-review the revised version, before making a final decision.  At least in my field, I would typically expect that the referees for the revised version will be the same as the original referees, looking to see if their original concerns have been satisfactorily addressed.

This generally means that the revisions they want are more on the “major” side — not necessarily in their extent, but in their importance to the paper, in the reviewers’ opinion.  A example in my field (pure maths) might be: you have a theorem where the referee cannot follow your proof, and is concerned the theorem may be wrong.  The referee then asks you to give the proof in more detail, but wants to re-review the new version to ensure they are now convinced it is correct.