Physical location : 

The Physical Locations are defined for the internal locations within a warehouse for which we are the owner. They can be a shelf, department, or the loading or unloading area of our warehouse. 

Partner Location :

The Partner Locations are used to show the warehouse of the customer or vendor in Odoo. They work similar to Physical Locations but the individuals aren’t the owner of the warehouse.

Virtual Location :

Virtual Locations, one can place products when they are physically not in the inventory. They come helpful when an individual needs to place lost items out of stock (in the Inventory loss), or when an individual considers those items that are en route to the distribution center (Procurements).