Managed code :Code that is executed by the CLR. Managed code provides information (i.e., metadata) to allow the CLR to locate methods encoded in assembly modules, store and retrieve security information, handle exceptions, and walk the program stack. Managed code can access both managed data and unmanaged data. Managed data—Memory that is allocated and released by the CLR using Garbage Collection. Managed data can only be accessed by managed code

Unmanaged Code:Unmanaged code is what you use to make before Visual Studio .NET 2002 was released. Visual Basic 6, Visual C++ ,  It is compiled directly to machine code that ran on the machine where you compiled it—and on other machines as long as they had the same chip, or nearly the same. It didn't get services such as security or memory management from an invisible runtime; it got them from the operating system. And importantly, it got them from the operating system explicitly, by asking for them, usually by calling an API provided in the Windows SDK. More recent unmanaged applications got operating system services through COM calls.