It's Earth-like because its temperature is close to ours, between 32 and 104 degrees Fahrenheit, reports CBS News correspondent Sandra Hughes. It has gravity and the potential for water.
Its sun, called a red dwarf, is colder and not as bright as our sun. Still, this discovery gives kids a reason to imagine life in outer space, adds Hughes.
The planet is just the right size, might have water in liquid form, and in galactic terms is relatively nearby at 120 trillion miles away.
There's still a lot that is unknown about the new planet, which could be deemed inhospitable to life once more is known about it. And it's worth noting that scientists' requirements for habitability count Mars in that category: a size relatively similar to Earth's with temperatures that would permit liquid water. However, this is the first outside our solar system that meets those standards.
"It's a significant step on the way to finding possible life in the universe," said University of Geneva astronomer Michel Mayor, one of 11 European scientists on the team that found the planet. "It's a nice discovery. We still have a lot of questions."
The results of the discovery have not been published but have been submitted to the journal Astronomy and Astrophysics.
Alan Boss, who works at the Carnegie Institution of Washington, where a U.S. team of astronomers competed in the hunt for an Earth-like planet, called it "a major milestone in this business."
The planet was discovered by the European Southern Observatory's telescope in La Silla, Chile, which has a special instrument that splits light to find wobbles in different wave lengths. Those wobbles can reveal the existence of other worlds.
What they revealed is a planet circling the red dwarf star Gliese 581. Red dwarfs are low-energy, tiny stars that give off dim red light and last longer than stars like our sun. Until a few years ago, astronomers didn't consider these stars as possible hosts of planets that might sustain life.
The discovery of the new planet, named 581 c, is sure to fuel studies of planets circling similar dim stars. About 80 percent of the stars near Earth are red dwarfs.
The new planet is about five times heavier than Earth. Its discoverers aren't certain if it is rocky like Earth or if it's a frozen ice ball with liquid water on the surface. If it is rocky like Earth, which is what the prevailing theory proposes, it has a diameter about 1½ times bigger than our planet. If it is an iceball, as Mayor suggests, it would be even bigger.
Based on theory, 581 c should have an atmosphere, but what's in that atmosphere is still a mystery and if it's too thick that could make the planet's surface temperature too hot, Mayor said.
The new planet seems just right — or at least that's what scientists think.
"This could be very important," said NASA astrobiology expert Chris McKay, who was not part of the discovery team. "It doesn't mean there is life, but it means it's an Earth-like planet in terms of potential habitability."