M32 is a dwarf elliptical galaxy in the Local Group of galaxies. Like all elliptical galaxies M32 has little or no measurable gas or dust and is completely composed of stars.
The galaxy contains hot blue, but old stars, this observation was made by the Hubble Space Telescope in 1999 and first witnessed ever. The 8000 blue stars are blue, but old, which seems a contradiction because blue stars are very often young stars.
The blue color is caused by burning helium, in stead of hydrogen at this late stage in their lives. This fusing of helium builds up relatively high temperatures and gives a blue glow.
M32 is known as the small companion of big brother M31, the Andromeda Galaxy. On pictures of M31 it lies north of Andromeda's center as a bright spot.