What an MSG file is
An .msg file is a single Outlook item saved as a file: usually an email, sometimes a meeting request, a contact or a task. Outlook for Windows creates one when you drag a message out of Outlook onto the desktop or choose File → Save As. Inside is Outlook’s own storage format: a small file system (a compound file) holding the item’s properties (sender, recipients, dates, the text in plain, HTML or Rich Text form) and the attachments, which can be emails themselves.