The Date field renders a calendar date picker. There are no conditional options — Date is one of the simplest field types.
How it's stored
As a SQL DATE value. The displayed format is controlled by the Date Display Format setting in Site Settings, so changing the format updates every Date field across your application at once.
Date vs. Date and Time
Pick Date when only the day matters (birthdates, leave dates, anniversaries). Pick Date and Time when the time of day matters (appointments, log entries, deadlines).
Note: A Date field stored without a time always has midnight as its implicit time, which can be surprising when joining against Date and Time fields. Use the SQL DATE() function to normalise both sides of a comparison.