When holding a Compound Bow and having a Quiver in your inventory, the "F" key (by default) can be used to switch between the used arrow.
Normal Arrow EditA standard arrow that does damage (depending on the suits abilities and arrow damage) - no special effects attached.
Explosive Arrow EditAn arrow that does area damage (to mobs, not blocks).
Triple Arrow EditA group of three arrows that fire together - each arrow can be picked up alone after fired. One arrow will follow the primary path of the shot, the other two will stray.
Fire Charge Arrow EditAn arrow that sets any mob/block it hits on fire - if hitting a block, the arrow can be picked up once the fire is removed from the block, but will only return a normal arrow.
Carrow EditAn arrow with a carrot attached to the tip that gives the victim temporary night vision.
Firework Arrow EditAn arrow with a Firework Rocket attached to the tip, which will explode upon impact or after a certain amount of time in the air. Firework arrows taken from the creative menu will not have any firework properties - they need to be crafted for them to work.
Grappling Hook Arrow Edit
An arrow with a Sticky Piston attached to the tip, which, when you shoot it and it hits a solid block or a player, will pull you to the end of it. It almost works like the Grappling Gun. You can cut off the lead by punching once. Crafted with a Normal Arrow, a Lead and a Sticky Piston.