There are mainly 3 types:

1. Wi-Fi Protected Access (WPA)
WPA key encrypts data and checks to ensure that the network security key has not been modified. It also verifies users to ensure that only authorized people able to access this network. WPA network security key’s designed to figure with all wireless network adapters. However, it’s going to not work with older access points or routers.

2. WEP
A WEP key is a security password (that is a key) for WiFi-enabled devices. It allows connected devices on a network to exchange encrypted messages while blocking all messages from being easily decoded and skim by outsiders.
WEP keys are a sequence of characters which is taken from the numbers 0 to 9, and therefore the letters A to F. For example, the WEP key might be F45HI00WR3.

3. WPA2 (Wi-Fi Protected Access 2)
WPA key’s designed to figure with all wireless network adapters. However, it’d not work with access points.WPA2 password is employed for an enterprise authentication server.
— Yalla.Naga Chandrika(ig id: manchand.__)