IP address is something a user or administrator assigns. A MAC address is something a hardware manufacturer assigns and is unchangeable by the user.
But is quite easy to spoof by the OS, and seems to be the late fashion.
Also some hardware lets you change it in their firmware, or needs to set it at boot time from an external file (driver).
To answer the OP question: It is a 48 bit address that is supposed to be unique for each network device.