Waterstones

• Sharpening stones that use water as a lubricant are not as messy as oil-lubricated stones as the water cleans up easily. The waterstones cut faster than the stones that use oil, but they also tend to wear out faster. To keep them in top shape, the waterstones must be reflattened frequently.
  
  

Oilstones

• The oil-lubricated Arkansas stone is the older of the two sharpening stones. The stones cut an edge much more slowly, and the lubricating oil can create quite a mess on the stone, bench and tool. The Arkansas stone doesn't wear as quickly, so it does not require as much maintenance to stay flat as the waterstone does.
  
  

Alternative Sharpening Stones

• Ceramic stones are hard-sharpening surfaces that do not require either water or oil for lubrication, as they are used dry. Without lubricant however, the surfaces wear out quickly. Another alternative that needs no lubricant is the diamond plate, a plastic or steel plate with diamond particles embedded in the surface. While they are clean, the diamond surfaces are not available in the fine grits available in water or oil-based stones, so they are not appropriate for final honing.