Meanings
First appeared in the 10th century with literal meaning "by the side of the road", from Old English weġ (which became "way") meaning "road". Soon afterward (circa 1000) it came to mean "during one's journey". The figurative meaning developed in the mid-16th century, with the first instance of the modern meaning being from 1614.[1]
How to pronounce "by the way":
Incidentally; used in referencing a parenthetical statement not timely, central, or crucial to the topic at hand; foregone, passed by, something that has already happened.
Example: "His mother will be coming for dinner tomorrow, and, by the way, she recently sold her collection of ceramic eggs."
Irrelevantly, off-topic.(Can we add an example for this sense?)