NGC 2264 is sometimes called "The Christmas Tree" due to its distinctive shape (although upside down, except in most telescopes). Others liken it to an arrowhead pointing south.

The open cluster is associated with S Monocerotis (15 Mon), which is found at its centre.

The cluster is engulfed in a huge but very faint nebulosity, the southern part of which goes by the name of The Cone Nebula, a dark nebula which looks like a huge monolith in front of white clouds. But this dramatic effect is mostly apparent in long exposure photographs.