What a .pst file is
A .pst (“Personal Storage Table”) file is where Outlook for Windows keeps email, calendar, contacts and tasks outside a mail server. You end up with one when Outlook archives old mail (archive.pst), when someone exports a mailbox (File → Open & Export → Import/Export), when an account uses POP, or when an IT department or a court production hands over a mailbox as a file.
Microsoft documents the format publicly ([MS-PST]). Outlook 2003 and later write the Unicode format, which allows files of tens of gigabytes (Outlook 2010 and later stop at 50 GB by default); Outlook 97–2002 wrote an older format limited to 2 GB.