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For 5 turns after this move is used, immunity to Ground-type attacks, as well as immunity to Arena Trap, Toxic Spikes, and Spikes as a result of the Flying type, the Levitate ability, or Magnet Rise, is nullified. Further, the use of Bounce, Fly, Hi Jump Kick, Jump Kick, Magnet Rise, and Splash is prevented. If Fly or Bounce is in the process of being charged, the user immediately stops using the move when Gravity is used. During the effect, the evasion of all Pokémon on the field is multiplied by 3/5.
Smogon has an article on this topic.