There are three main types of material from which to choose: Nylon/PVC,
materials. Each material has its unique advantages and drawbacks.
Nylon/PVC are stiffer and less comfortable. They lack breath-ability, too, meaning that when you sweat, it has nowhere to go since the material seals moisture in.
On the plus side, Nylon/PVC waders are easy to patch, tough and they are relatively inexpensive. For anglers on a budget or who only wade occasionally, they can be a fine choice. Nylon/PVC are the waders of choice, if they are to be used for occasional pond clearing and emergency use.
Neoprene waders are, without a doubt, the most popular wader material today. This is essentially the same stuff wetsuits are made out of. The greater the thickness of the wader wall, the greater is the insulation, weight and durability too. If you want warmth and don't mind sweating, neoprene is a great choice.
Last, but certainly not least, there are Breathable waders. These are, as a rule, lightweight and comfortable. As the name implies, they wick away sweat, which means you aren't damp at the end of the day. A quality pair of breathable waders is more expensive, but you are paying for a comfort level and lighter weight not found in other wading materials.
Breathable waders are not really designed with truly cold weather in mind, but when worn with wading pants or additional base layers, an angler can do just fine in the cold water of spring and winter.