Manual Retain Release (as opposed to ARC) is the classic way to manage object lifetime in Objective-C.
As the overwhelming majority of projects use ARC nowadays, MRR is an important specific difference of code that still uses this style. Even though it appears as a characteristic of legacy code, it is the foundation on which ARC builds upon. To understand the sources of some bugs or performance problems it is vital to understand these underpinnings.
References:
- Advanced Memory Management Programming Guide is Apple's discussion about Objective-C's memory management