How to Create Record Types for Custom Objects in Salesforce?

Create record types for a custom object to display different picklist values and page layouts to different users based on their profiles.

From the object management settings for a custom object, go to Record Types.
Click New in the Record Types related list.
Select Master from the Existing Record Type dropdown list to copy all available picklist values, or choose an existing record type to clone its picklist values.
NOTE When you create a record type without cloning an existing one, the new record type automatically includes the master picklist values for both standard and custom picklists. You can then customize the picklist values for the record type.
Enter a Record Type Label that's unique within the object.
IMPORTANT Don’t name your record type Master because it’s reserved for record types.
Enter a description.
Select Active to activate the record type.
Select Make Available next to a profile to make the record type available to users with that profile. Select the checkbox in the header row to make it available for all profiles.
TIP If each profile is associated with a single record type, users aren't prompted to select a record type when creating records. Users assigned to a record type can still view and edit records associated with record types not enabled for their profiles.
For selected profiles, select Make Default next to a profile to make it the default record type for users of that profile. Select the checkbox in the header row to make it the default for all profiles.
Click Next.
Choose a page layout option to determine what page layout displays for records with this record type:
- To apply a single page layout for all profiles, select Apply one layout to all profiles and choose the page layout from the dropdown list.
- To apply different page layouts based on user profiles, select Apply a different layout for each profile and choose a page layout for each profile.
Click Save to edit the values of the standard and custom picklists available for the record type, or click Save and New to create another record type.