There are 3 main types of web hosting:
1. Shared
2. Dedicated
3. VPS
1. Shared: It is a type of hosting where one physical server distributes its service to different websites with sharing. Shared hosting is also called as cheap hosting.
2. Dedicated: It is a type of hosting where you have full control over your web server. This is costier option.
3. VPS: VPS Stands for Virtual Private Server. It is in between shared and dedicated hosting. In the case of VPS, you have allocated a separate virtual space on a big hosting server. There you don't have to share the space