An OST (Offline Storage Table) file is a local cached copy of an Exchange or Office 365 mailbox. Outlook creates it automatically so users can read and compose email while disconnected from the server. The OST syncs with Exchange when connectivity resumes.
Every Outlook installation connected to Exchange or Office 365 in cached mode creates an OST file on the local machine. This file contains a full copy of the mailbox: emails, contacts, calendar entries, tasks and notes. The OST file format uses the same underlying MS-PST binary structure as PST files.
The critical difference between OST and PST is portability. PST files are standalone archives you can copy between machines. OST files are locked to the Exchange profile that created them. Microsoft designed this restriction to prevent unauthorized access to cached mailbox data. In practice, it creates a serious problem when the Exchange profile no longer exists.