Hadith: In the evening, the Prophet (may Allah's peace and blessings be upon him) used to say: The evening has reached, and all the dominion belongs to Allah and praise be to Allah. There is no god but Allah, alone with no partner.

عن عبد الله بن مسعود رضي الله عنه قال: كان نبي الله صلى الله عليه وسلم إذا أمسى قال: «أمسينا وأمسى الملك لله، والحمد لله، لا إله إلا الله وحده لا شريك له» قال الراوي: أَرَاهُ قال فِيهِنَّ: «له الملك وله الحمد وهو على كل شيء قدير، ربِّ أسألك خير ما في هذه الليلة وخير ما بعدها، وأعوذ بك من شر ما في هذه الليلة وشر ما بعدها، رب أعوذ بك من الكسل، وسُوءِ الكِبَرِ، رب أعوذ بك من عذاب في النار، وعذاب في القبر»، وإذا أصبح قال ذلك أيضا «أصبحنا وأصبح الملك لله».
[صحيح] - [رواه مسلم]

‘Abdullāh ibn Mas‘ūd (may Allah be pleased with him) reported: In the evening, the Prophet (may Allah's peace and blessings be upon him) used to say: "The evening has reached, and all the dominion belongs to Allah and praise be to Allah. There is no god but Allah, alone without any partner." The narrator said: "I believe he said along with them: 'To Him belongs the dominion, and to Him belongs praise, and He is Omnipotent over all things. My Lord, I ask You for the good of this night and the good of what follows it, and I seek refuge with You from the evil of this night and the evil of what follows it. My Lord, I seek refuge with You from laziness and woeful aging. My Lord, I seek refuge with You from torment of the fire and torment in the grave.' In the morning, he used to say: 'The morning has reached and all the dominion belongs to Allah.'"
[Authentic hadith] - [Narrated by Muslim]

Explanation

It was from the guidance of the Prophet (may Allah’s peace and blessings be upon him) to say these blessed supplications in the morning and evening. "The evening has reached and the dominion belongs to Allah"; that's the time of evening has entered and the dominion continues therein to be for Allah exclusively. "And praise be to Allah"; that is we realize that the dominion therein belongs to Allah and all praise is due to Allah alone. "There is no god but Allah"; that is divinity belongs exclusively to Him. "O Allah, I ask You for the good of this night"; that is the goodness of it, as well as the goodness that occurs in it, and the goodness that rests in it. "And I seek refuge with You from the evil of this night and the evil (therein)"; that is from the nights and what lies therein of evil concerning religion and worldly affairs. "O Allah, I seek refuge with You from laziness"; that is from sluggishness in obedience while having the ability. "Senility" means aging that leads to the loss and weakness of some abilities, which is reversal to the most decrepit old age, because the purpose of life, represented in knowledge and action, are missed in such a stage. "And woeful aging"; that is senility and feeble-mindedness, and it was narrated with a different pronunciation meaning vanity. The meaning intended by "woeful aging" is the loss of reason that aging results in, as well as confusion and disorder in judgment, and the incapability to perform acts of obedience and other such things that worsen the condition. "And the torment in the grave"; that is from its punishment or from whatever causes it. "In the morning, he used to say that as well"; that's what he said in the evening. However, he would replace "the evening" with "the morning" and "the night" with "the day" saying: "O Allah, I ask You for the good of this day."