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All paints basically fall under two solvent categories, which define their type: water-based and oil-based.
“Water-based paint actually has water as a solvent, and is most commonly called "latex" paint even though it does not contain latex. Many water-based paints are made with acrylic and may be called "acrylic latex."
Oil-based paint is equally confusing. It isn't actually made with oil; it has a solvent of mineral spirits (also known as paint thinner) or alkyd resin. Alkyd can be thinned with mineral spirits, and latex paint is thinned with water. At the paint store, you can't go wrong with the terms latex paint or alkyd or oil-based paint.”