A subvolume is like a directory. Subvolume has a name, there is nothing on it when it is maked, and it can hold files and another directories. There is at least one subvolume in each Btrfs filesystem, the "root" subvolume.
The similar in Ext4 would be a filesystem. Each subvolume work as a different filesystem. The difference is that in Ext4 you create each filesystem in a partition, in Btrfs but all the storage is in the 'pool', and subvolumes are created from the pool, you do not require to partition anything. You can create as many subvolumes as you want, as long as you have storage capacity.
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