The Maha Vir Chakra is the second highest military decoration

Medal

A medal, or medallion, is generally a circular object that has been sculpted, molded, cast, struck, stamped, or some way rendered with an insignia, portrait, or other artistic rendering. A medal may be awarded to a person or organization as a form of recognition for athletic, military, scientific,...

 in India

India

India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

 and is awarded for acts of conspicuous gallantry in the presence of the enemy, whether on land, at sea or in the air. It may be awarded posthumously. Literally Maha Veer means extraordinarily brave.
The medal is made of standard silver

Silver

Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...

 and is circular in shape. Embossed on the obverse is a five pointed heraldic star with circular center-piece bearing the gilded state emblem

Emblem

An emblem is a pictorial image, abstract or representational, that epitomizes a concept — e.g., a moral truth, or an allegory — or that represents a person, such as a king or saint.-Distinction: emblem and symbol:...

 of India in the center.