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Eve Missiles come in various sizes, functions and delivery methods, making them one of the most versatile ammo choise.

If you use missile launchers you have the ability to use what type of damage you want to deal.
There are 2 types of missiles in Eve Online: Guided and Unguided Missiles.

Guided Eve Missiles are: Light Missiles, Heavy Missiles, Cruise Missiles and Citadel Cruise Missiles.
Guided missile advantages are that they have a longer range and they have a better precision. However they do less damage and have a longer refire rate then unguided missiles.

Unguided Eve Missiles are: Rockets, Assault Missiles, Torpedoes and Citadel Torpedoes.
Unguided missiles advantages are that they deal more damage and have a higher rate of fire then guided missiles.