This is the most common battery type in the RC world since it provides a steady flow throughout your usage but it will start to deplete quite quickly towards the end of its discharge. A LiPo battery for remote control vehicles performs at its best when both properly charged and discharged. You shouldn't leave it to overcharge and you should let it go through it's full cycle (full charge - full discharge) once a week for optimal performance.
Unlike other battery types, LiPo batteries are very light but they can easily catch fire if overcharged due to the high voltage one uses in regards to it's size.
NiMH
Before even LiPo batteries were a thing, NiMH were the ones ruling the RC world simply because there were no safety measures to keep in mind. They are not expensive but don't have the same capacity as LiPo batteries even if they are on the same voltage. One thing to keep in mind with NiMH (Nickel Metal Hydride) batteries is that their voltage will decrease as you use them, meaning that your vehicle will become slower.
NiCad
An old-school type of battery for remote control vehicles that is still being used, because it offers a very slow discharge rate and it can operate in extreme temperatures. Although quite bulkier and not an eco-friendly option they are ideal for beginners and a are very cheap, but they have what is called memory. This is a big downside, which makes the battery charge up to the same level as last time. If you haven't used up the battery completely, the next time you connect it to the charger it will only charge to the point where you used it (for example up to 70%). To avoid this make sure you run NiCad (Nickel Cadmium) batteries through their whole cycle.
LiFePO4
The newest type of battery brings together the capacity and weight of LiPO's, the slow discharge rate of Cads and the safety and durability of NiMH batteries. LiFePO4 (Lithium Iron Phosphate) has more cycles to offer and faster charging times whilst being far away from catching fire or exploding thanks to it's phosphates. The catch here is that they come at a very high price and need a separate charger that works only with LiFePO4 batteries which is also on the pricier side.