The MBR is the code that sits in about the first 3/4 of sector zero on each hard drive. There is a bit of buffer space after that (in case you need larger mbr code), then the partition table, then an end of sector marker.
The MBR is enough code to look at the partition table, find which one is active (by the 80h marker), jump to the first sector in that partition and load the boot sector code and transfer execution to it.