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GNU Emacs Lisp has a compiler that translates functions written in Lisp into a special representation called byte-code that can be executed more efficiently. The compiler replaces Lisp function definitions with byte-code. When a byte-code function is called, its definition is evaluated by the byte-code interpreter.
Because the byte-compiled code is evaluated by the byte-code interpreter, instead of being executed directly by the machine's hardware (as true compiled code is), byte-code is completely transportable from machine to machine without recompilation. It is not, however, as fast as true compiled code.
In general, any version of Emacs can run byte-compiled code produced by recent earlier versions of Emacs, but the reverse is not true. In particular, if you compile a program with Emacs 18, you can run the compiled code in Emacs 19, but not vice versa.
See section Debugging Problems in Compilation, for how to investigate errors occurring in byte compilation.
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