Meta Box Lite is the free version of Meta Box. It includes the ability to create Custom Post Types, custom taxonomies, and custom fields. There are a large number of custom field types available. Meta Box lite provides post relationships and utilities to migrate from ACF, Pods, and Toolset your Custom Post Types and custom fields to Meta Box.
Meta Box features were originally individual items that developers could install / enable, often using code. Now the team has created a single, unified UI for all of the free features, Meta Box Lite, which makes it easier to use.