Some warriors have honed the craft of killing into an art. Tales are told of the master swordsman of the White Tower who can decapitate a man with one stroke of their blade - their victims barely registering the sword leaving its scabbard.
If a model with the Killing Blow special ability rolls a 6 when rolling to wound, he automatically slays his opponent without recourse to a saving throw, apart from Ward saves.
This attack is only effective against roughly man-sized opponents such as Men, Orcs, Elves, Beastmen, etc. It has no effect on big creatures such as Ogres or Dragons, or things like swarms which consist of several creatures. It can be used against models mounted on steeds or monsters as long as the riders themselves are roughly man-sized.
Note: From Warhammer Annual 2002, Gav Thorpe clarified Regeneration has no effect on successful Killing Blows.