What is this?

The third-person point of view is a form of storytelling in which a narrator relates all action using third-person pronouns like "he" or "she."

Third-person point of view can be  omniscient, in which the narrator knows the thoughts and feelings of all of the characters, in the story, or limited, in which the narrator only relates his own thoughts, feelings, and knowledge of various situations and other characters.

Mostly new writers (Like me xD) wants to write in first person as it's easy to write but writing in third person provides a freedom in how story is told.

(I also tried writing 3 POV in my On-going book 'Crossing the lies' but then I switched back to first pov after prologue only. I really enjoyed writing the prologue. I can writing anything :p but let me tell you one thing; It's not easy to write in this POV so improve your basics before jumping in this)

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Third-person omniscient point of view is generally the most objective and trustworthy viewpoint since an all-knowing narrator is telling the story. This narrator has no bias or preferences and also has full knowledge of all the characters and situations. In first-person point of view, the narrator has a limited vantage point and might have biases that interfere with his perceptions; his lens is not objective. Novels are commonly written in third-person.

A trick to remembering the difference between omniscient and limited is to think of yourself -- the writer --as either a god, in which you can "see" everyone's thoughts (omniscient), or a mere mortal, who can only know what is going on inside the heart and mind of one person (limited).

The most important rule regarding point of view is to be consistent.

As soon as you slip from one point of view to another, the reader will pick up on it, and you lose your authority. Your job as the writer is to make the reader feel comfortable as you take them into your world. If you're telling the story from a limited third-person narration, and then suddenly the reader is told that the lover of the protagonist secretly does not love him anymore, you have lost the reader.