I believe this article by Anthony Hoekema does an excellent job of answering that question:What does Amillennial mean?
"Amillennialism: A Brief Sketch of Amillennial Eschatology" by Anthony Hoekema
Quoting from above link:
As regards inaugurated eschatology, then, amillennialism affirms the following:
1. Christ has won the decisive victory over sin, death and Satan. By living a sinless life and by dying on the cross as the sacrifice of atonement for our sin, Christ defeated sin. By undergoing death and then victoriously rising from the grave, Christ defeated death. By resisting the devil’s temptations, by perfectly obeying God, and by his death and resurrection, Christ delivered a deathblow to Satan and his evil hosts. This victory of Christ’s was decisive and final. The most important day in history, therefore, is not the Second Coming of Christ which is still future but the first coming which lies in the past. Because of the victory of Christ, the ultimate issues of history have already been decided. It is now only a question of time until that victory is brought to its final consummation.
2. The kingdom of God is both present and future. Amillennialists do not believe that the kingdom of God is primarily a Jewish kingdom which involves the literal restoration of the throne of David. Nor do they believe that because of the unbelief of the Jews of his day Christ postponed the establishment of the kingdom to the time of his future earthly millennial reign. Amillennialists believe that the kingdom of God was founded by Christ at the time of his sojourn on earth, is operative in history now and is destined to be revealed in its fullness in the life to come. They understand the kingdom of God to be the reign of God dynamically active in human history through Jesus Christ. Its purpose is to redeem God’s people from sin and from demonic powers, and finally to establish the new heavens and the new earth. The kingdom of God means nothing less than the reign of God in Christ over his entire created universe.
The kingdom of God is therefore both a present reality and a future hope. Jesus clearly taught that the kingdom was already present during his earthly ministry: “But if I drive out demons by the Spirit of God, then the kingdom of God has come upon you” (Mt. 12:28, NIV). When the Pharisees asked Jesus when the kingdom of God was coming, he replied, “The kingdom of God is not coming with signs to be observed; nor will they say, `Lo, here it is!’ or `There!’ for behold, the kingdom of God is in the midst of you” (Lk. 17:20-21 - Anthony Hoekema
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