Light
Light is the eternal force that, along with darkness, makes up the Kingdom Hearts universe. It's commonly associated with good because of it's supposed nonviolent nature, though this is not true. Sora's Keyblade represents Light. This is not to be confused with Roxas' element, which is simply a basis of his powers and isn't actually categorized as any specific element. Mickey's Kingdom Key also represents light but in a somewhat different form that that of Sora's, seeing as how the four keyblade masters are representative of different aspects of light and dark, his represents the dusk, while Sora's represents day. This in turn is different than that of Riku's and Xehanort's keyblades which represent darkness.
Darkness
Darkness is a parallel force to Light in the KH universe and is also a form of attack from the Kingdom Hearts games. Darkness is commonly associated with evil due to it is naturally deceiving and blinding. Because of it's corrupting power, people can lose their hearts to it, becoming "Heartless". Those that follow the path of darkness (villains such as Maleficent and Xehanort's Heartless) gain enormous power but usually lose much of their physical selves to it. Mickey's Keyblade represents darkness though he personally follows the path of light. The Dark element is a form of attack used by Heartless, Nobodies, and some bosses, but not used by Sora, nor his party. Gravity is a form of magic that utilizes darkness.
Twilight
Twilight represents the realm in between Light and Darkness. It borrows powers from both forces, using both elements in ways that would not be the norm. It is relatively unknown as even King Mickey was not aware of it until realizing the path Riku took. But nonetheless, the existence of this element allows many that were normally against the darkness to accept it as something that can be used for good.
DiZ refers to this path as "the twilit road to nightfall" but Riku calls it "the road to Dawn". Xemnas refers to it as "Nothingness". Since the nobodies, who are said to be twilight beings, possess neither light nor darkness it can be assumed that there are two different interpretations of the term twilight: the first being Riku's twilight which indicates a fusion of light and dark, and the second being a broader definition encompassing all that does not fall under light or dark. Worlds that are tied to both Realm of Light and the Realm of Darkness are known as twilight worlds. (Twilight Town and Traverse Town are notable examples).
