In Magento there are six product types. These are described as 'Simple product types' and 'Complex product types'. They are further divided in to two groups as 'Standalone' and One-to-Many'.\r\n\r\nThe list of Magento product types is as follows:\r\n\r\n\tSimple Product\r\n\tGrouped Product\r\n\tConfigurable Product\r\n\tVirtual Product\r\n\tBundled Product\r\n\tDown loadable Product\r\n\r\nStand-alone products are those products which can be sold alone\/single as also sometimes they can be sold in association with One-to-Many product types. The Standalone category includes Simple product and Virtual product.\r\n\r\nOne-to-Many product Relationships means all Grouped Product, Configurable Product, and Bundled Product are having relationship with Standalone products and also come under one roof.\r\n\r\nSimple Products:\r\n\r\nSimple product are those products which can be sold as one unit. Generally, it has a configuration like, single size that can fit for all products. A Simple product is a physical item with a single SKU (Stock Keeping Unit). Simple products have a variety of pricing and input controls, therefore it is possible to sell many variations of same product. Simple products can be used in association with Grouped, Bundle, and Configurable Products. For eg. Super High Tech 26" HD Monitor, Television, etc.\r\n\r\nGrouped Products:\r\n\r\nGrouped products are set of products that are related in some way that can logically be sold as a set. Grouped product means you can sell more than one products in single bunch. Hence, by using related products tab from admin panel, you can create a grouped product. A Grouped Product lets you provide various, stand-alone products as a group. You can get changes in single product, or group products according to season, theme, or for publicity. Each product can be purchased separately, or as part of the group. For eg. Bed room set, Suit, etc.\r\n\r\nConfigurable Products:\r\n\r\nA configurable product appears to be a single product with lists of options for each modification. And, each option represents a isolated product, simple product with a distinct SKU, this makes possible to lead a stock list for each fluctuation. So, let your customers to make selection between different types of product they desire by choosing options. Like, one product having many colors, different size. For eg. Shirts, Shoes ,Dress materiel, etc.\r\n\r\nVirtual Products:\r\n\r\nThough virtual products do not have any physical existence, but they represent something which can be sold. Virtual products can be used with Bundle and Grouped products. For eg. a warranty, a subscription, a service, etc.\r\n\r\nBundled Products:\r\n\r\nIn bundle product the customer does not get any option of selecting individual components from the bundle\u2019s product page. But they get 'build their own' an assortment of options. Each item in the bundle is a separate, standalone product. Each element of a bundle could have its own product page, enabling customers to purchase those components individually. For eg. a gift basket, computer, or anything else that can be customized.\r\n\r\nDown loadable Products:\r\n\r\nDown loadable products are same as virtual products. But, they have an ability to download any digital media file by using any link. For eg. Digital music files, Software, electronic products, etc.