Intangibility is a state in which characters will not be hit by attacks. This is different from invincibility because, instead of attacks' damage and knockback simply being cancelled, it won't hit at all. For example, a projectile will travel right through them. Intangibility is often attributed to dodges, techs, edge-grabbing, get-up attacks and animations, and certain body parts during certain moves. Since the character is not hit, a long-lasting attack (or very short intangibility time) may still hit the character once it ends.
Intangibility's negative aspect is that on the Planet Zebes, Brinstar, and Norfair stages, characters will fall straight through the stage's lower hazard rather than sustaining damage and bouncing back up, possibly causing an otherwise preventable KO. They may occasionally also be KO'd if they are standing on the track on Port Town Aero Dive, Mute City and Mute City. In Smash 4, Master Giant's "glowing hands" attack also completely ignores any form of intangibility as well as invincibility (including respawn).
Ads keep SmashWiki independent and free :)