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The origin of this meme, like many of the M. Bison related memes, comes from the 1994 live-action Street Fighter film. The scene in particular features Chun-Li confronting Bison over the destruction of her village, Bison replies that he doesn't remeber the event, much to Chun-Li's shock.
Bison: "I'm sorry. I don't remember any of it."
Chun-Li: "You don't remember?"
Bison: "For you, the day Bison graced your village was the most important day of your life. For me, it was Tuesday."
The meme is generally used either in reference to Bison or to call a very dramatic event insignificant.
Meme Used in Other Media
In a recent commercial done for Caesars Palace, a variant of the line is used by the narrator at the end:
Narrator: "What you call the greatest day of your life, we call 'Tuesday'."
While indirectly related to Bison, people have started using "Bison owns Caesars Palace!" like comments as a result of it and has been attributed to the meme.
The term "Bison Tuesday" spiked on Google searches in July of 2010.
YouTube user neemandhaydn created a parody music video of Rebecca Black's "Friday" using sound clips from the movie, especially "It was Tuesday.":