Thanks for writing to us. This means that your video is currently not available for monetization. As per the new eligibility requirements any channel would need 4k watch hours (240,000 mins) in the past 12 months & 1k subscribers in order to be able to monetize. Hope this helps.
Yes, you can definitely go ahead and apply for YouTube Partner Program once your channel meets the eligibility requirements. Here's more info on how you can apply: https://goo.gl/oXtNDp . Hope this clarifies.