.ODT is an Open Document format for word processing (text) documents. It is mainly used for OpenOffice.org Writer, the word processor of the OpenOffice/StarOffice, the first office suit supporting the OASIS* Open Document format. Though .ODT may be adopted by other products as well.
OpenDocument is as short for the OASIS Open Document Format for Office Applications. It is an open format for saving and exchanging electronic documents. This standard was developed by the OASIS industry consortium and based upon the XML format originally created by OpenOffice.org. OpenDocument was approved as an OASIS standard on May 1, 2005, and became an officially published ISO and IEC International Standard (ISO/IEC 26300) on November 30, 2006 under the name ISO/IEC 26300:2006.
An Open Document file can be either a simple XML file that uses as the root element, or a ZIP compressed archive containing a number of files and directories. The ZIP-based format is used almost exclusively, since it can contain binary content and tends to be significantly smaller. .ODT file is XML in a ZIP wrapper.
*OASIS is a not-for-profit, global consortium that drives the development, convergence and adoption of e-business standards.