Anything unblockable is something for which it is not possible to block.
Things that are unblockable standing (having low hitboxes), things that are unblockable crouching (having overhead hitboxes), and things that are midair unblockable may come to mind, but “unblockable” on its own basically means that something isn’t blockable by any kind of block.
There are ways to rationalize why something isn’t blockable; they basically fall into these types:
Some of these can be activated through bugs or oversights. #2 can be used in tandem with a projectile in some games in the KOF series, and #4 can be used with certain projectile setups in the first revision of Street Fighter III: 3rd Strike (but not the second one).