Physically, the Milky Way is the galaxy within which our solar system and planet are located. The Milky Way is a very small galaxy when compared to others.
In esotericism, the Milky Way refers to the third of seven cosmoses (note LA). It is the Macrocosmos, governed by six laws (six atoms of the Absolute), and on the Tree of Life of Kabbalah corresponds to the second triangle (Chesed, Geburah, Tiphereth). Its capital star is the sun Sirius.