A no-win situation, also called a lose-lose situation, is one where a person has choices, but no choice leads to a net gain. For example, if a company finds a dangerous fault in one of its products, they can either issue a product recall and take some reputational damage, or allow the product to harm people: the company is in a no-win situation.
In game theory, a "no-win" situation is a circumstance in which no player benefits from any outcome, hence ultimately losing the match. This may be because of any or all of the following:
Unavoidable or unforeseeable circumstances causing the situation to change after decisions have been made. This is common in text adventures.
Zugzwang, as in chess, when any move a player chooses makes them worse off than before such as losing a piece or being checkmated.
A situation in which the player has to accomplish two mutually dependent tasks each of which must be completed before the other or that are mutually exclusive (a Catch-22).
Ignorance of other players' actions, meaning the best decision for all differs from that for any one player (as in the prisoner's dilemma).
Carl von Clausewitz's advice never to launch a war that one has not already won characterizes war as a no-win situation. A similar example is the Pyrrhic victory in which a military victory is so costly that the winning side actually ends up worse off than before it started. Looking at the victory as a part of a larger situation, the situation could either be no-win, or more of a win for the other side than the one that won the "victory", or victory at such cost that the gains are outweighed by the cost and are no longer a source of joy.
For example, the "victorious" side may have accomplished their objective, which may have been worthless; it may also lose a strategic advantage in manpower or positioning. For example, the British Empire was one of the victorious powers of the Second World War but was so weakened that it could no longer maintain its status as a great power in a world that became dominated by the United States and the Soviet Union.