Patina is a fine coating of oxidation on the surface of a blade. Steel and brass are two metals that oxidize in open air. A well-developed patina actually protects the a steel surface from active rust (another form of oxidation).
A patina is a matter of taste, but removing it exposes new metal to the same air, and diminishes the blade. Many collectors appreciate a well-developed natural patina on a blade. Some intentionally develop a patina on a blade by using it to cut apples, onions, etc. Too often a false patina is applied with mustard, vinegar, or other acidic agents to falsely age a "replica" blade.
Never remove the patina off a valuable old blade. Use mineral oil and a rag to remove all active (red) rust. Store the blade (never in contact with its leather sheath) in a humidity-controlled environment with good air circulation.