Milky Way is the name of our galaxy, in which our Sun is only one small star, among some 3,000,000,000 stars. This galaxy is flat like a watch, and we are in the inner part. When we look up into the sky, we see a long stretch of stars, which seems like a band of jewels. These are the stars in our galaxy. In the ancient times, it was believed that it was some heavenly path or something like that.
The light from the Sun takes around 8 minutes to reach the Earth. And the light from the centre of our galaxy takes around 27,000 years to reach us. This can give us a rough idea about the bigness of the galaxy. All the stars in our galaxy are revolving around a centre. And our position in the galaxy takes around 200,000,000 years to make one revolution.
Below Milky Way info from Wikipedia (Read More):-
The Milky Way, or simply the Galaxy, is the galaxy in which the Solar System is located. It is a barred spiral galaxy that is part of the Local Group of galaxies. It is one of billions of galaxies in the observable universe.
Its name is a translation of the Latin Via Lactea, in turn translated from the Greek Γαλαξίας (Galaxias), referring to the pale band of light formed by the galactic plane as seen from Earth (see etymology of galaxy). Some sources hold that, strictly speaking, the term Milky Way should refer exclusively to the band of light that the galaxy forms in the night sky, while the galaxy should receive the full name Milky Way Galaxy, or alternatively the Galaxy.[7][8][9] However, it is unclear how widespread this convention is, and the term Milky Way is routinely used in either context.
http://en.wikipedia.org/wiki/Milky_way