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It is when something or someone is Beyond Awesome. When awesome isnt enought to describe the word.
Wow this Chinese food is so total Unikorn, it blows my mind.
Unikorn by Mindy & Brandon November 3, 2009
a delightfully eccentric woman who is also drop dead adorable
One of my favorite things to do is bonking to unikorns online, all night long.
Unikorn by Alley Cats October 26, 2011

unicorn fart in the wind 

noun

1. an undeveloped idea

2. an idea that is not grounded in reality

3. an ill conceived plan that has no chance of coming to fruition

4. something that does not exist in the real, or physical, world
Geezer: …so this “crypto currency”, as you call it, which doesn’t exist in any physical form, is going to revolutionize the way the world transacts business?
Millennial: Yes…exactly.
Geezer: That’s just a unicorn fart in the wind.

Lavender Unicorn Syndrome 

Lavender Unicorn Syndrome occurs when, instead of using a characters name or a pronoun, you repeatedly use other descriptors for them, such as "the baker," "the ninja," "the dragon."

Common in Fan Fictions, the term spawned from the Friendship is Magic /fic/ board where writers would refer to Twilight Sparkle as "lavender unicorn" rather than using her name to describe when she was doing something.
"As Twilight Sparkle walked into the room, the lavender unicorn lifted the book from her shelf with a wave of her horn."
That's Lavender Unicorn syndrome right there. We have pronouns for a reason, people.

Dick Battling Space Unicorn 

A unicorn with a dick for a horn that shoots jizz lazers out of the horn.
A bukaki is like a Dick battling space unicorn fight.
Asian women.

Because they are so magically and majestically beautiful
That Samantha Lee is such a unicorn!
Unicorn by yborybor98 August 22, 2012