Managed Code: Code that runs under a "contract of cooperation" with the common language runtime. Managed code must supply the metadata necessary for the runtimeto provide services such as memory management, cross-language integration, code access security, and automatic lifetime control of objects. All code based on Microsoft intermediate language (MSIL) executes as managed code.
Un-Managed Code:Code that is created without regard for the conventions and requirements of the common language runtime. Unmanaged code executes in the common language runtime environment with minimal services (for example, no garbage collection, limited debugging, and so on).