When I went through Laravel Document about Eloquent ORM topic part, I got a new term Mass Assignment.
Document show How to do Mass Assignment and the
Mass assignment means you are filling a row with more than one column using an array of data. (somewhat of a shortcut instead of manually building the array) using Input::all().
Technically just from the top of my head. Fillable means what columns in the table are allowed to be inserted, guarded means the model can't insert to that particular column.
Notice that when you try to do a mass assignment with like, insert to a column named "secret", and you have specified that it is guarded, you can try to insert to it via the model, but it will never really get inserted into the database.
This is for security, and protection on your table when using the model. Mass assignment seems to be just a notice or warning that you didn't tell the model which are fillable and guarded and makes it vulnerable to some kind of attacks.