All ovarian cysts can be classed under either of the two main types of ovarian cysts called functional and abnormal.
  Within these two categories they can divided even further.
Functional cysts These types of ovarian cysts are the most common.
  They are caused when the ovary doesn't function exactly as it should.
  Within this category the cysts can be divided into follicular and luteal types depending on the time of the menstrual cycle they occur.
  Follicular cysts develop in the in the first part of the cycle and luteal cysts develop in the second part.
Abnormal cysts Abnormal cysts are caused due to abnormal cell growth.
Cystadenoma cysts These occur from cells on the outside of the ovary.
  Some can become joined to the ovary by a stem which increases the chance of the cyst twisting and bursting.
Endometrial cysts Endometriosis occurs when the cells that line the womb grow in other areas inside your body.
  If these cells grow on the ovaries, cysts known as "chocolate cysts", because they are made up of old blood, are created.
Dermoid cysts (teratomas) Dermoid cysts aren't technically cysts because they are solid structures that consist of bone, teeth, hair and skin.
Polycystic ovaries This condition involves the growth of many small cysts on the ovaries.
  These cause hormonal imbalance and include symptoms like increased hair growth and can lead to problems with fertility.
As you can see there are many different types of ovarian cysts and the type will allow the best treatment method to be used.