The non-critical string theory describes the relativistic string without enforcing the critical dimension. Although this allows the construction of a string theory in 4 spacetime dimensions, such a theory usually does not describe a Lorentz invariant background. However, there are recent developments which make possible Lorentz invariant quantization of string theory in 4-dimensional Minkowski space-time.
There are several applications of the non-critical string. Through the AdS/CFT correspondence it provides a holographic description of gauge theories which are asymptotically free. It may then have applications to the study of the QCD, the theory of strong interactions between quarks. Another area of much research is two-dimensional string theory which provides simple toy models of string theory. There also exists a duality to the 3-dimensional Ising model.
In order for a string theory to be consistent, the worldsheet theory must be conformally invariant. The obstruction to conformal symmetry is known as the Weyl anomaly and is proportional to the central charge of the worldsheet theory. In order to preserve conformal symmetry the Weyl anomaly, and thus the central charge, must vanish. For the bosonic string this can be accomplished by a worldsheet theory consisting of 26 free bosons. Since each boson is interpreted as a flat spacetime dimension, the critical dimension of the bosonic string is 26. A similar logic for the superstring results in 10 free bosons (and 10 free fermions as required by worldsheet supersymmetry). The bosons are again interpreted as spacetime dimensions and so the critical dimension for the superstring is 10. A string theory which is formulated in the critical dimension is called a critical string.