This image contains both the Horsehead Nebula (center of image) and the Flame Nebula (left center edge of image) which are located in the Orion constellation.  Both nebula are located in the Milky Way galaxy about 1400 light years from earth.
The Horsehead Nebula is one of the most identifiable nebulae because of the shape of its swirling cloud of dark dust and gases, which bears some resemblance to a horse's head, or, the chess piece - Knight.  The redish-pink glow is mostly hydrogen behind the nebula.