Full, DL, and Lite are three variants (flavors) of OWL, each constituting different compromises between expressivity and computational complexity. OWL Full has provides maximum expressiveness, syntactic freedom, but without computational guarantees. The semantics of OWL Full is a mixture of RDFS and OWL DL (RDF-based semantics). OWL DL is a restricted version of OWL Full. OWL DL provides very high expressiveness, computational completeness (all conclusions are guaranteed to be computable), and decidability (all computations can be finished in finite time). While OWL DL includes all OWL language constructors, they can be used only under certain restrictions. For example, OWL DL number restrictions may not be assigned to transitive properties. OWL Lite is a subset of OWL DL designed for easy implementation. OWL Lite has limited applicability, because it is suitable only for classification hierarchies and simple constraints. All three flavors are available in both OWL and OWL 2.
EL, QL, and RL are three OWL profiles, each of which provides a different balance between expressive power and reasoning complexity, thereby providing more options for different implementation scenarios. The EL profile was designed for handling ontologies with very large numbers of properties and/or classes, the QL profile is aimed at applications with a very large instance data volume and a priority for query answering, and the RL profile was designed for applications that require scalable reasoning with relatively high expressivity.
The DL Expressivity refers to the set of mathematical constructors available in the logical underpinning of OWL, i.e., the description logic (DL) that corresponds to the OWL flavor/profile or ontology you are talking about.
Very briefly, the ALC description logic supports atomic and complex concept negation, concept intersection, universal restrictions, and limited existential quantification. By extending ALC and transitivity roles (i.e., S) with
role hierarchies (H), inverse roles (I), functional properties (F), and datatypes (D), we get the SHIF(D) description logic, which roughly corresponds to OWL Lite. By adding nominals (O) and cardinality restrictions (N ) to SHIF(D), we obtain SHOIN (D), the description logic underlying OWL DL. Extending SHOIN(D) with complex role inclusion axioms, reflexive and irreflexive roles, asymmetric roles, disjoint roles, the universal role, self-constructs, negated role assertions, and qualified number restrictions yields to the very expressive yet decidable SROIQ(D) description logic, which largely corresponds to OWL 2 DL.
Although OWL Full and OWL DL support the same set of constructors, OWL Full does not have restrictions on the use of these constructors (e.g., no restrictions on the use of transitive properties), which makes OWL Full undecidable, while OWL DL is decidable.