I’ll try this one. Your Diffuse is your base color, if you have a texture map, this is where it should go. Ambient is the color of the world surrounding, but for the most part, you’ll want to leave this black or pretty dark. Specular is your highlights. This will help define the material, hard and shiny or soft like cloth. Reflection is self defining, and refraction is distorted like looking through glass or water. Emission is only used if you’re model is supposed to glow, like a light bulb or fire.
Here’s an example from Wings3d, I only use it because the Material box is easier to understand.