MKV is an open-source container that holds essentially any video/audio codec combination plus subtitles, chapters, and metadata. The format of choice for high-quality video archives, fan-subtitled content, and anything that benefits from multiple audio tracks. The catch: not every player supports it, and converting MKV to MP4 is the standard fix for the won't-play-on-my-TV problem.
How to open
VLC reads everything MKV. Plex and Kodi handle MKV libraries. Browsers and many TVs do not, converting to MP4 makes MKV content universally playable.