An obstack is a pool of memory containing a stack of objects. You can create any number of separate obstacks, and then allocate objects in specified obstacks. Within each obstack, the last object allocated must always be the first one freed, but distinct obstacks are independent of each other.
Aside from this one constraint of order of freeing, obstacks are totally general: an obstack can contain any number of objects of any size. They are implemented with macros, so allocation is usually very fast as long as the objects are usually small. And the only space overhead per object is the padding needed to start each object on a suitable boundary.