Ok since you've asked the question with a picture, I'll answer with one (more or less).
Summary
\itemsep
= vertical space added after each item in the list.
\parsep
= vertical space added after each paragraph in the list.
\topsep
= vertical space added above and below the list.
\partopsep
= vertical space added above and below the list, but only if the list starts a new paragraph.
Sample document
\documentclass[]{article}
\usepackage[margin=1in]{geometry}
\parindent=0pt
\usepackage{enumitem}
\usepackage{fancyvrb}
\DefineShortVerb{\|}
\newcommand{\longline}{This is a line of text that will form a paragraph which we can use in various places.\par}
\newcommand{\printvalues}{topsep=\the\topsep; itemsep=\the\itemsep; parsep=\the\parsep; partopsep=\the\partopsep}
\begin{document}
\hrulefill
\begin{enumerate}[topsep=0pt,itemsep=0pt,parsep=0pt,partopsep=0pt]
\item\printvalues
\item With all |*sep| values set to 0pt there is no space above or below the enumeration nor between the items or paragraphs within the items.
\item\longline
\end{enumerate}
\hrulefill\par
\hrulefill
\begin{enumerate}[topsep=0pt,itemsep=20pt,parsep=0pt,partopsep=0pt]
\item\printvalues
\item When we set |\itemsep| then this much space is placed between items but no space between paragraphs within an item.
\item\longline\longline
\end{enumerate}
\hrulefill\par
\hrulefill
\begin{enumerate}[topsep=0pt,itemsep=0pt,parsep=20pt,partopsep=0pt]
\item\printvalues
\item When we set |\parsep| then this much space is placed after every paragraph within an item. This will effectively also separate items too, since each single paragraph item will have the |\parsep| space after it.
\item\longline\longline
\end{enumerate}
\hrulefill\par
\hrulefill
\begin{enumerate}[topsep=20pt,itemsep=0pt,parsep=0pt,partopsep=0pt]
\item\printvalues
\item When we set |\topsep| this much space is placed above and below the enumeration.
\end{enumerate}
\hrulefill
\begin{enumerate}[topsep=0pt,itemsep=0pt,parsep=0pt,partopsep=20pt]
\item\printvalues
\item When we set |\partopsep| this much space will be placed before and after a list only if the list is preceded by a |\par| (i.e., starts a new paragraph)
\item This enumerate is not preceded by a |\par| so no space is added.
\end{enumerate}
\hrulefill\par
\hrulefill\par
\begin{enumerate}[topsep=0pt,itemsep=0pt,parsep=0pt,partopsep=20pt]
\item\printvalues
\item When we set |\partopsep| this much space will be placed before and after a list only if the list is preceded by a |\par| (i.e., starts a new paragraph)
\item This enumerate is preceded by a |\par| so space is added.
\end{enumerate}
\hrulefill
\end{document}
enumitem
docs.