In Newtonian physics, free fall is any motion of a body where gravity is the only force acting upon it. In the context of general relativity, where gravitation is reduced to a space-time curvature, a body in free fall has no force acting on it.
An object in the technical sense of the term "free fall" may not necessarily be falling down in the usual sense of the term. An object moving upwards might not normally be considered to be falling, but if it is subject to only the force of gravity, it is said to be in free fall. The Moon is thus in free fall around the Earth, though its orbital speed keeps it in very far orbit from the Earth's surface.
In a roughly uniform gravitational field, in the absence of any other forces, gravitation acts on each part of the body roughly equally. When there is no normal force exerted between a body (e.g. an astronaut in orbit) and its surrounding objects, it will result in the sensation of weightlessness, a condition that also occurs when the gravitational field is weak (such as when far away from any source of gravity).
The term "free fall" is often used more loosely than in the strict sense defined above. Thus, falling through an atmosphere without a deployed parachute, or lifting device, is also often referred to as free fall. The aerodynamic drag forces in such situations prevent them from producing full weightlessness, and thus a skydiver's "free fall" after reaching terminal velocity produces the sensation of the body's weight being supported on a cushion of air.