The first fit memory allocation algorithm allocates the first sufficient partition from the top of memory to processes. It is fast, but may lead to external fragmentation. The best fit algorithm allocates the smallest sufficient partition to minimize wasted space, while worst fit allocates the largest available partition, which can lead to inefficient memory usage. The next fit algorithm avoids some of first fit's problems by starting the search from the last allocated partition. Each algorithm has its strengths and weaknesses depending on memory and process sizes.
For more details, check out the full article: First Fit algorithm | Best Fit algorithm | Next Fit algorithm | Worst Fit algorithm.