Clarify what is important (not just urgent) and why it's important. Present progress on key items, as your manager should be able to identify things you had not thought of. That should not require a deep dive. Highlight potential escalations. If you have a problem that requires your managers attention, also present a potential solution, then listen and hopefully learn.
Each quarter it's a good idea to revisit your yearly objectives, and progression towards these goals, which is the perfect time to also blow your own trumpet and ask for feedback on what you could do better.
Promotions and pay raises are often more about relationships with both your manager and his peers, so ask how you can increase your visibility across the organization. What problems can you help solve outside your day job?
If you aren't getting anything valuable out of the meeting, it's OK to just chat about personal stuff, or be silent and let the manager drive. Some managers are fantastic, and some managers are frankly in the wrong job.