Fashion catwalk or runway is a narrow, usually elevated platform that runs into an auditorium, used by models to demonstrate clothing and accessories during a fashion show. In fashion jargon, "what's on the catwalk" or similar phrasing can refer to whatever is new and popular in fashion. Basically catwalk is a raised walkway.
The term is most often used for different fashion shows in different palce , where models walk along showing off the clothes on ramp. A catwalk on a ship is a passageway above decks. A similar term is runway, but that need not be off the ground.