All ready and all right (two words) mean that everything is ready or everything is
correct / OK:
▶️ The students are all ready for the test.
= All the students are ready for the test.
▶️ Your answers are all right.
= All your answers are right.
Already means that something happened earlier than expected:
▶️ He’s only 14 and he’s already graduated from high school – he’s a genius!
▶️ The repairs on my car are finished already? Wow, that was fast.
▶️ You don’t have to wash the dishes – I’ve already done it.
All right can also mean OK/uninjured, acceptable, or average.
▶️ Are you all right?
= Are you OK? (after someone falls down and may have injured themselves)
▶️ If it’s all right with you, we’ll reschedule the meeting.
= If it’s acceptable to you
▶️ The food at that restaurant is all right.
= Average; not especially great, but not bad either
Alright is a variant of “all right” that is not considered correct, even though many
people use it informally.