An elastic collision is characterized by the conservation of kinetic energy, meaning that the total energy of the colliding objects remains unchanged before and after the collision. In contrast, inelastic collisions result in energy loss due to factors such as friction and deformation, leading to a decrease in the total kinetic energy. A perfectly inelastic collision represents the extreme case where the maximum energy is lost, and the colliding objects stick together post-collision. An explosion collision can be viewed as a perfectly inelastic collision occurring in reverse, where energy is gained. Understanding these distinctions is crucial for analyzing different types of collisions in physics.