No interpolation is the state in which a layer property has no keyframes—when the stopwatch is turned off and the I-beam icon  appears in the Timeline panel under the current-time indicator. In this state, when you set the value of a layer property, it maintains that value for the duration of the layer, unless overridden by an expression. By default, no interpolation is applied to a layer property. If any keyframes are present for a layer property, some type of interpolation is in use.

Linear interpolation creates a uniform rate of change between keyframes, which can add a mechanical look to animations. After Effects interpolates the values between two adjacent keyframes as directly as possible without accounting for the values of other keyframes.

If you apply Linear interpolation to all keyframes of a temporal layer property, change begins instantly at the first keyframe and continues to the next keyframe at a constant speed. At the second keyframe, the rate of change switches immediately to the rate between it and the third keyframe. When the layer reaches the final keyframe value, change stops instantly. In the value graph, the segment connecting two keyframes with Linear interpolation appears as a straight line.

Bezier interpolation provides the most precise control because you manually adjust the shape of the value graph or motion path segments on either side of the keyframe. Unlike Auto Bezier or Continuous Bezier, the two direction handles on a Bezier keyframe operate independently in both the value graph and motion path.

If you apply Bezier interpolation to all keyframes of a layer property, After Effects creates a smooth transition between keyframes. The initial position of the direction handles is calculated using the same method used in Auto Bezier interpolation. After Effects maintains existing direction handle positions as you change a Bezier keyframe value.

Unlike other interpolation methods, Bezier interpolation lets you create any combination of curves and straight lines along the motion path. Because the two Bezier direction handles operate independently, a curving motion path can suddenly turn into a sharp corner at a Bezier keyframe. Bezier spatial interpolation is ideal for drawing a motion path that follows a complex shape, such as a map route or the outline of a logo.

Existing direction handle positions persist as you move a motion-path keyframe. The temporal interpolation applied at each keyframe controls the speed of motion along the path.

Auto Bezier interpolation creates a smooth rate of change through a keyframe. You may use Auto Bezier spatial interpolation to create the path of a car turning on a curving road.

As you change an Auto Bezier keyframe  value, the positions of Auto Bezier direction handles change automatically to maintain a smooth transition between keyframes. The automatic adjustments change the shape of the value graph or motion path segments on either side of the keyframe. If the previous and next keyframes also use Auto Bezier interpolation, the shape of the segments on the far side of the previous or next keyframes also changes. If you adjust an Auto Bezier direction handle manually, you convert it to a Continuous Bezier keyframe .

Auto Bezier is the default spatial interpolation.

Like Auto Bezier interpolation, Continuous Bezier interpolation creates a smooth rate of change through a keyframe. However, you set the positions of Continuous Bezier direction handles manually. Adjustments you make change the shape of the value graph or motion path segments on either side of the keyframe.

If you apply Continuous Bezier interpolation to all keyframes of a property, After Effects adjusts the values at each keyframe to create smooth transitions. After Effects maintains these smooth transitions as you move a Continuous Bezier keyframe  on either the motion path or the value graph.

Hold interpolation is available only as a temporal interpolation method. Use it to change the value of a layer property over time, but without a gradual transition. This method is useful for strobe effects, or when you want layers to appear or disappear suddenly.

If you apply Hold temporal interpolation to all keyframes of a layer property, the value of the first keyframe holds steady until the next keyframe, when the values change immediately. In the value graph, the graph segment following a Hold keyframe  appears as a horizontal straight line.

Even though Hold interpolation is available only as a temporal interpolation method, the keyframes on the motion path are visible, but they are not connected by layer-position dots. For example, if you animate the Position property of a layer using Hold interpolation, the layer holds at the position value of the previous keyframe until the current-time indicator reaches the next keyframe, at which point the layer disappears from the old position and appears at the new position.

You can use Hold interpolation only for outgoing temporal interpolation (for the frames following a keyframe). If you create a keyframe following a Hold keyframe, the new keyframe uses incoming Hold interpolation.

To apply or remove Hold interpolation as outgoing interpolation for a keyframe, select the keyframe in the Timeline panel, and choose Animation > Toggle Hold Keyframe.