Based on your comments to your question, the BLAST utility does not properly handle quoted paths with spaces, and your volume does not support short file names.
Obviously you can move your working directory to a path that does not contain spaces.
An alternative is to use SUBST to temporarily create a virtual drive that points to your problematic path.
subst K: "d:\d b"
makeblastdb -in "K:\sequence.fasta" -input_type fasta -dbtype prot -title xd -out "K:\xd"
subst /d K:
Type subst /? for help with the command.
Update based on fact that you are running the command from within python
In your comment to this answer, you state you will attempt to get the command to work from within python. That could be the entire source of your problem.
You should try to run the command in your question directly from a Windows command prompt (cmd.exe console).
If the command does not work from the command prompt, then the problem is indeed with the BLAST utility, and SUBST is a good solution.
If the command does work from the command prompt, then the problem is with how you are shelling out the command from python, and the SUBST command should not be required.
I'm not a python user, but I see that many people have similar problems when using python on Windows. Perhaps this will help: How do I execute a program from python? os.system fails due to spaces in path