Low-key (two words, I think with a hyphen, not one word) is a very colloquial word that kind of means “toned down”, or “relaxed” or easy going. I think it’s probably more a US English word (I’m a native US speaker myself) than one used in the UK. I’ll defer to my UK friends on that.
Plus, I’d say the word or phrase is very context driven with regard to its meaning. For example, you might say “I’m a low-keyed kind of guy (I am by the way).” That means I’m pretty easy going, easy to get along with, I don’t get riled up easily, that sort of thing. I think the word tends to be used with people rather than things, because I can’t think of an example where you’d use it to describe a thing. You might say “the song is rather low-keyed” but I can’t say I’ve heard that all that much. Maybe. And the word normally appears as “low-keyed” rather than just “low-key” by itself. Hope that helps.