The two principal effects:
The idea of monarchs ruling by divine right was rejected.
A limited, constitutional monarchy was established.
Here's the background and context of the Glorious Revolution: King James II espoused Catholicism, which made him unpopular with Parliament. But more than that, the English leaders were upset with how James tried to assert greater power and control for himself as king, infringing on their rights. In June of 1688, seven highly-placed Englishmen sent a letter of invitation to William of Orange (who was husband to James II's daughter Mary), inviting him to come to England and be supported by them and the people as king. As king and queen, the new rulers of England became known as William III and Mary II.
Unlike James II, who had tried to take power away from Parliament, William and Mary were willing to sign the Bill of Rights, which guaranteed parliamentary rights that needed to be respected by the monarchs. This meant, in effect, a constitutional monarchy, where the power of the monarchs was limited by the Bill of Rights that protected the authority of Parliament.
