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The Xbox One will be region-locked, meaning all software must match the region of the console itself, Microsoft confirmed to Digital Trends. This means a US Xbox One won't be able to play games imported from Europe or Japan, for example.
"Similar to the movie and music industry, games must meet country-specific regulatory guidelines before they are cleared for sale," a Microsoft spokesperson said. "We will continue to work with our partners to follow these guidelines with Xbox One."
The Xbox 360 isn't completely region-locked – Microsoft currently allows studios to choose whether their games will work across regions. The PlayStation 3 is region-free, and all games except for Persona 4 Arena work on every console, regardless of spatial location. It's unclear if the PlayStation 4 will be similarly region-free.
~ Source