The word extraterrestrial literally means life outside the boundaries of earth. It is the biological life that is originated in the space. Though the concept is more of a theory and no such practical evidence of life outside the planet is found yet. Extraterrestrial is a concept of astrobiology. Though, the scientific community often discards this theory on account of the fact that no evidence has been found. But research and search for life in the space is on.
The study of extraterrestrial life is often known as astrobiology or xenobiology or exobiology and etc. there are various theories and hypothesis in this subject. The most common is the theory of Panspermia. Life forms in the space can be of varied kinds and it can range from anything to everything according to the astrobiology. Though, most commonly it is thought that anything from sapient being to bacteria can be found in space. Extensive and costly search for life outside the planet is being done to find any form of life.
After research life is expected to exist in Mars or in the set of natural satellites of the biggest planets of Jupiter and Pluto like titan and europa.