The name [itex]\mathrm{O}(1,3)[/itex] means (pseudo-)orthogonal group wrt. the fundamental bilinear form with one positive and three negative principle values in [itex]\mathbb{R}^4[/itex]. In components with respect to (pseudo-)orthonormal vectors this scalar produkt reads
[tex]x \cdot y=\eta_{\mu \nu} x^{\mu} y^{\nu}=x^0 y^0-x^1 y^1-x^2 y^2-x^3 y^3.[/tex]
Then the Lorentz transformations are represented by such matrices that leave this bilinear form invariant for all vectors.
There are important subgroups. The most important one is the special orthochronous Lorentz group, [itex]\mathrm{SO}(1,3)^{\uparrow}[/itex], which is continously connected with the identity matrix. That's the symmetry group of the special relativistic spacetime manifold. The special orthonormal Lorentz group consists of all matrices, leaving the above explained Minkowski product invariant for any pair of vectors, have determinant 1, and for which [itex]{\Lambda^0}_0 \geq +1[/itex]. Since the zeroth component of the four vectors denote time this latter restriction means that the transformation doesn't flip the direction of time.