First of all, all of them are used when we want to store more than one values but want to create one variable.

Arrays

Disadvantages

•   Array is a fixed sized data structure. We cannot change the length of an array once it is created.
•   Array requires continuous memory blocks.

Advantages

•  Array is type safe (strongly type). 

Array List

Disadvantages

•   It’s not type safe. 
•  Performance wise not good because every time we add some value inside it, automatic boxing will  performed (value will converted to object) and every time we want to retrieve something from it we have to explicitly perform unboxing(convert object back to value). 

Advantages

•  Dynamic size – With every new addition and removal of item, size of a data structure changes. 
•  Won’t require continuous memory allocation. 

List

Advantages

•  Strongly typed 
•  Dynamic size 
•   Won’t require continuous memory allocation.