About MKV file format MKV stands for 'Matroska Video'. Matroska is a container file format, capable of holding unlimited number of video, audio and subtitile tracks, along with any metadata. Practically this means that it is possible to put entire movie with multiple sound and subtitle tracks, chapters information and movie thumbnail into.
While MKV is a good storage format not always it can be played directly. Playing MKV files on a computer is not an issue - there are many players and codec packs that enable MKV playback on any platform, be it Windows, Mac or Linux. However many hardware players do not play MKV directly - for that MKV files need to be transcoded into format that particular hardware player understands. Since all meta information is preserved in MKV and compressed media data (video, audio, subtitles) is not changed in any way it is always possible to transcode MKV files into original format. For example, MKV files produced from a Blu-ray disc may be transcoded back to a Bly-ray image or set of M2TS files without any losses by freeware transcoding tools[1].
Freeware players that support MKV natively:
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Transcoding tools: