Resting: cell at rest, sodium-potassium pump maintaining resting potential (-70 mV). Lots of sodium outside, lots of potassium inside. Ion channels closed so the established ion gradient won't leak.
Depolarization: sodium channels open, positive sodium rushes inside, membrane potential shoots up to +30 mV. Lots of sodium inside, lots of potassium inside.
Repolarization: potassium channels open, sodium channels close, positive potassium rushes outside, membrane potential drops back down. Lots of sodium inside, lots of potassium outside (opposite of the resting state).
Hyperpolarization: potassium channels doesn't close fast enough, so the membrane potential actually drops below the resting potential for a bit.
Refractory period: the sodium-potassium pump works to re-establish the original resting state (more potassium inside, sodium outside). Until this is done, the neuron can't generate another action potential.
Absolute refractory period = from depolarization to the cell having re-established the original resting state. Relative refractory period = After hyperpolarization till resting state re-established.