Omniscient third person point of view was used widely several years ago and is still used sometimes in more literary fiction. It’s what it sounds like—an omniscient writer telling the reader what’s going on from their expanded, omniscient viewpoint. The omniscient writer knows what every person is thinking, what every person is doing.
For example, in omniscient point of view, the reader would find out Karen is being bored to death at the bar by a computer software engineer while Cissy is near the water fountain, fluttering her eyes at Hanson, who hasn’t told her he’s getting married next week to the party’s hostess.
Omniscient point of view has several problems. One, it’s not used these days in commercial fiction, so using it will often mark you as an amateur. Two, it distances the reader from the characters and dampens the emotional impact of the story.
You want to show an editor that you’re up to speed on current publishing trends, and emotion is what spurs the reader to engage in your story. So my advice is to not use omniscient unless you have a darn good reason for using it.
Limited third person point of view means the reader sees the entire scene through only one person’s eyes.
For example, Karen walks into a party. If we’re in Karen’s point of view, we’ll see how she views the party—the people she meets, the things she thinks about them, the terrible time she’s having. Karen doesn’t know that Cissy is on the other side of the room having a blast flirting with a hot blond model, so you wouldn’t write about Cissy—you’re in Karen’s point of view.
Deep third person takes limited third person a step further and draws the reader right into the character’s skin. It’s as immediate as first person point of view and is most commonly used in the publishing industry today. I wrote an entire series on deep point of view that I encourage you to check out.