The blood brain barrier is a structural and functional barrier which impedes and regulates the influx of most compounds from blood to brain. It is essential for normal functioning of the CNS.
The BBB:
It is made up of the cerebral capillaries, meninges and the choroid plexus (secretes CSF).

There are different fluid compartments in and around the brain as well as specific barriers which separate these compartments. The below image depicts this. The solid red line is the BBB and surrounds almost the entire nervous system (separates blood from the brain tissue).
The cerebrospinal fluid brain barrier is not a true barrier as it lacks tight junctions and allows some degree of free diffusion of substances. It separates the CSF from the brain tissue via the ependymal cells. Within the brain itself there are two fluid compartments, ICF within cells and ECF outside of the cells.

Walls of blood capillaries, meninges and the choroid plexus make up BBB
Impermeable to most substances
Sparse pinocytotic vesicular transport
Increased expression of transport and carrier proteins: receptor mediated endocytosis
No gap junctions, only tight junctions
Limited paracellular and transcellular transport
