For most home applications latex paint is the preferred product. It has many DIY advantages including quick drying time, easy water cleanup, and a lower odor emission. The downside to latex is that it often requires multiple coats and is often less durable than oil-based paints.
Oil-based paint has the advantage in durability, is more moisture-resistant, can be applied in a single coat, and allows for a longer ‘work’ time for brushing or smoothing before it dries and sets. But it is messier to work with and over a long duration can yellow with time.
Latex is the recommended product if you are a novice to painting, as it is easier to work with and more forgiving in its application.