Point of view is the perspective from which a story is told; the narrator's position in relation to the story.
Objective Point of View
The writer tells what happens without stating more than can be inferred from the story's action and dialogue. The narrator never discloses anything about what the characters think or feel, remaining a detached observer.
Third Person Point of View
The narrator does not participate in the action of the story as one of the characters, but lets us know exactly how the characters feel. We learn about the characters through this outside voice.
First Person Point of View
The narrator does participate in the action of the story. When reading stories in the first person, we need to realize that what the narrator is recounting might not be the objective truth. We should question the trustworthiness of the accounting.
Omniscient and Limited Omniscient Points of View
A narrator who knows everything about all the characters is all knowing, or omniscient.
A narrator whose knowledge is limited to one character, either major or minor, has a limited omniscient point of view.