Open Access content is freely available to all and grants reuse rights to readers. Journal articles, books/chapters, or other types of scholarly content can all be OA. There are two main forms of Open Access: Green and Gold.
A so-called "hybrid" journal is not quite Green or Gold -- hybrid is when the entire journal is traditionally published, but you as an author can choose to pay an APC to make your individual article OA.
Read here for more on the difference between Green and Gold
Open Access publishing benefits the researcher as well as the reader by:
It has been used now for decades and by some counts, up to 80-90% of research at top-performing universities is already OA in some form.
OA content, both text and multimedia, is frequently published with Creative Commons (CC) licenses. CC licenses give you more control over how people can reuse your work:
You can also combine some of the above licenses, such as CC BY-NC-ND. Read more about the license options here.