The Chalice (from the Latin calix), is the vessel used to hold the wine during the Eucharistic celebration.  It is usually in the form of a cup, supported by a stem. It is made of precious materials, sometimes silver on the outside and gold-plated on the inside, but  (* since the Second Vatican Council) it can also be made of other materials. The important thing is that the inner cup is made of material that does not absorb liquids. 

In GIRM nos.328-330 we read: “chalices and other vessels that are intended to serve as receptacles for the Blood of the Lord, they are to have bowls of nonabsorbent material.”

A Chalice, before using it for the first time, is consecrated with Holy Chrism by a bishop.