The ping is the reaction time of your connection–how fast you get a response after you’ve sent out a request. A fast ping means a more responsive connection, especially in applications where timing is everything (like video games). Ping is measured in milliseconds (ms).
The download speed is how fast you can pull data from the server to you. Most connections are designed to download much faster than they upload, since the majority of online activity, like loading web pages or streaming videos, consists of downloads. Download speed is measured in megabits per second (Mbps).
The upload speed is how fast you send data. Uploading is necessary for sending requests to the internet, sending files via email, or in using video-chat to talk to someone else online. Upload speed is measured in megabits per second (Mbps).
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