The term typically refers to pornographic art, anime or otherwise, of females aged between 12 and 16, and also to those people attracted to such girls. However, real child pornography is sometimes called lolicon.
Art of underaged girls is legal in most countries, which explains the popularity of lolicon. Despite the fact that the age bracket is technically outside the realm of pedophilia, lolicon is frowned apon, especially in the west.
Lolicon featuring males is shotacon.
The newer, more often used meaning for Lolicon, is a form of hentai.
Lolicon, is the sexual depiction of someone under the age of sixteen. You'll find older ages put into original hentai, since the age of consent for Japan, is fourteen.
The alternative spelling for Lolicon, is Rorikon.
1) (Noun) (Japanese usage) Someone who is attracted to prepubescent girls; a paedophile.
2) (Noun) (Western usage) Hentai (Anime/manga pornography) depicting prepubescent girls.
Note: often the term "lolicon" (like related terms) is misused to refer to pornography of/attraction to infant, adolescent, etc. girls. Strictly speaking, however, the term refers only to prepubescent girls (primarily ages 4-12)
Person A: I just bought some junior idol dvds, you wanna watch them with me?
Person B: You are such a lolicon!
Person A: OMG are you looking at lolicon at the LAN?!
Person B: uhhh... errr... no? <.<
Overseas, the term can also refer to the type of anime, manga, or doujinshi which involves young girls under the age of consent involved in sexual activities, though usually 12 and under. Such pornography is normally refered to as loli in Japan.
Strawberry Panic, and others.
In Japan, a "Lolicon" refers to a person, usually a man, who enjoys looking at young girls(loli), be it sexually or not.
These lolicons are usually depicted as perverted people.
B: Tch, lolicon.