In Japan this term means “small” or “undersized” and is often interpreted as “runt” or “puny.” In the American fan community it has lost its negative connotation and refers to characters that are cute and either tiny or superdeformed.
From the Japanese pronounciation of "C.B.," which stands for "child body." Used to describe the Japanese practice of drawing squashed-down, child-like, super-cute versions of normally adult characters as comic relief. Also called super-deformed or SD.
small, tiny, dwarf. For instance, everyone calls Usagi's daughter Chibi-Usa, or "small Usa," to distinguish her from the original Usagi. Chibi-chibi is really, really small. doujinshi - fanart based on an established manga, not done by the mangaka himself. (Herself, in this case.) Basically uses the same characters, but tells another story with them - manga fanfics, if you will. There's some really nice doujinshi volumes out there, although a lot of them tend to be hentai. There are entire ranges of doujinshi, ranging from serious to parody.
E sounds) as an English word is slang used in some circles (for example otaku). It has its origins in the Japanese language. In the context of anime or manga, Chibi is used to describe a style of drawing a character in a highly stylized way, with stubby bodies that are about the same size as the head, much like super deformed style.