This is the Eskimo or Clownface Nebula, also known as NGC 2392. It’s formation began roughly 10,000 years ago and was first observed by William Herschel in 1787. Wiki has this to say about it’s makeup:

It is surrounded by gas that composed the outer layers of a Sun-like star. The visible inner filaments are ejected by strong wind of particles from the central star. The outer disk contains unusual light-year long orange filaments.

The picture was taken by the Hubble Space Telescope, which turns 20 this year.