When you are just starting a new project, one of the first things you must decide is which point of view to use. There are various types of POV: first person, second person, third person, and omniscient.

First person :-

First person is used when the main character is telling the story. This is the kind that uses the "I" narrator. As a reader, you can only experience the story through this person's eyes. So you won't know anything about the people or events that this character hasn't personally experienced.

First Person Peripheral: This is when the narrator is a supporting character in the story, not the main character. It still uses the "I" narrator but since the narrator is not the protagonist, there are events and scenes that will happen to the protagonist that the narrator will not have access to.

Advantages of this POV:

It feels natural to most writers because we live in an "I" world.

You can create a distinctive internal voice.

You can add an element of craft by creating a narrator who is not entirely reliable. (See Unreliable Narrator).

Disadvantages of this POV:

You are limited to writing about what the narrator can see and sense.

The narrator must constantly be on stage or observing the stage.

You can't go into the minds of the other characters.

Second person P. O. V.

Second person point of view is generally only used in instructional writing. It is told from the perspective of "you".

Advantages of this POV: 

It gives you the power to be different, even eccentric in the way you speak to the reader so directly.

Disadvantages of this POV: 

It begins to feel quirky, whether you're reading or writing it.

It can say to a publishing professional, "I'm a Jay McInerney knock off! Reject me!"

Third person P. O. V.

Third person POV is used when your narrator is not a character in the story. Third person uses the "he/she/it" narrator and it is the most commonly used POV in writing.

There are 3 main types of Third Person POV:

Third Person Limited: Limited means that the POV is limited to only one character. Which means that the narrator only knows what that character knows. With third person limited you can choose to view the action from right inside the character's head, or from further away, where the narrator has more access to information outside the protagonist's viewpoint.

Third Person Multiple: This type is still in the "he/she/it" category, but now the narrator can follow multiple characters in the story. The challenge is making sure that the reader knows when you are switching from one character to another. Make the switch obvious with chapter or section breaks.

Third Person Omniscient: This point of view still uses the "he/she/it" narration but now the narrator knows EVERYTHING. The narrator isn't limited by what one character knows, sort of like the narrator is God. The narrator can know things that others don't, can make comments about what's happening, and can see inside the minds of other characters.

Example :-

She had decided to kiss him, no matter what. So she did. She could see the effects of her kiss at once. He nearly fell over. 

Advantages of this POV:

It can enrich your novel with contrasting viewpoints.

Both you and your reader can take a breath of fresh air as you shift from one character's POV to another's.

You can broaden the scope of your story as you move between settings and from conflicting points of view. 

Disadvantages of this POV:

You can confuse yourself and the reader unless every voice is distinctive. 

You can diffuse the flow of your story by switching the POV more often. (Notice how the last passage about the kiss jolts you from one point of view to another.)

It's easy to get lazy and begin narrating as the author instead of as one of your characters.

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1st person: “I am an invisible man.”

2nd person: “You are an invisible man.”

3rd person: “He is an invisible man.”

Source: The Beginning writer

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Personally, I'm comfortable with First person P.O. V.

I've also tried third person omniscient in my second book 'Crossing the lies' but only in Prologue. It was pretty difficult, I must say.

What's your favourite?