There are a few different types of paint that can be used for stenciling on wood, but the most common ones are acrylic paint, chalk paint, and latex paint. Acrylic paint is a popular choice because it dries quickly and is water-based, so it's easy to clean up. Chalk paint is another option that has gained popularity in recent years because it can create a matte finish and gives a vintage look. Latex paint is a more traditional option and can be a good choice if you want a glossy finish. Ultimately, the type of paint you choose will depend on your personal preference and the look you're trying to achieve.