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ODBC is Open Data Base Connectivity, which is a connection method to data sources and other things. It requires that you set up a data source, or what’s called a DSN using an SQL driver or other driver if connecting to other database types. Most database systems support ODBC.
OLE is Object Linking and Embedding. OLEDB is partly distinguished from OLE itself, now called “automation”.
OLEDB is the successor to ODBC, a set of software components that allow a “front end” such as GUI based on VB, C++, Access or whatever to connect with a back end such as SQL Server, Oracle, DB2, mySQL etal. In many cases the OLEDB components offer much better performance than the older ODBC.
OLEDB is a different type of data provider that came about with MS’s Universal Data Access in 1996 and does not require that you set up a DSN. It is commonly used when building VB apps and is closely tied to ADO. It works with COM, and DCOM as of SQL 7.0.