What is Zener Voltage?
Zener voltage (Vₓ or Vz) is the reverse breakdown voltage of a Zener diode at which it starts conducting current in the reverse direction without getting damaged.
If a Zener diode has:
Vz = 5V
It will maintain approximately 5V across it when reverse voltage ≥ 5V
Zener voltage is the specific reverse voltage at which a Zener diode regulates voltage by conducting safely.