The forms

PersonPossessive adjective
+ noun
IPAPossessive pronoun
alone (no noun)
IPA
1st sgmy book/maɪ/mine/maɪn/
2nd sgyour book/jɔːr/ ↔ /jɔː/yours/jɔːrz/ ↔ /jɔːz/
3rd sg (m)his book/hɪz/his/hɪz/
3rd sg (f)her book/hɜːr/ ↔ /hɜː/hers/hɜːrz/ ↔ /hɜːz/
3rd sg (thing)its colour/ɪts/— (rarely used)—
1st plour book/aʊr/ ↔ /aʊə/ours/aʊrz/ ↔ /aʊəz/
2nd plyour book/jɔːr/ ↔ /jɔː/yours/jɔːrz/ ↔ /jɔːz/
3rd pltheir book/ðɛr/ ↔ /ðeə/theirs/ðɛrz/ ↔ /ðeəz/

Pronunciation (IPA): American ↔ British. When both sound the same, only one is shown.

The difference

TypeRuleExamples
Possessive adjective Always before a noun. Describes who owns the noun. This is my car.
Is that your bag?
She loves her dog.
Possessive pronoun Stands alone — replaces adjective + noun together. This car is mine.
That bag is yours.
The dog is hers.
its vs. it's: its (no apostrophe) = possessive: "The cat licked its paw." · it's (with apostrophe) = it is / it has: "It's raining." Both sound exactly the same, /ɪts/, so only the spelling tells them apart. This is one of the most common errors in English!

Exercises

Adjective or pronoun? Choose the correct form.

1. This is ___ house. (= our house)

2. That coat is ___. (= it belongs to her)

3. The dog wagged ___ tail.

4. Can I use ___ phone? (= your phone)