Hockey stick has come a long way since its beginning days. The first hockey stick was made out of wood and was not sanded off so many players had chips of wood splints in there hands. Only one thing hasn't changed from the hockey stick which is the distinct "L" shape of the stick. The first hockey sticks in the late 1800's were made from maple and willow trees. However these woods became expensive so they started to use yellow birch and ash. Hockey sticks stayed the same way till 1940 when they started to laminate the sticks to give them a more durable and flexible design. This was the start of the technological advances for the sport. Players could shoot with more power and sticks wouldn't break as easily. Twenty years later they brought up the idea of fiberglass sticks, which made them much more durable. Than came the big boom in the history of hockey sticks.
Newest Stick Models
In 1986 came the biggest boom when they started to introduce Aluminum sticks and they were made to last a very long time. Many of the players switched over to them because of the new improved flex on them. The only disadvantage to them was there heavy and hard feels which some players did not like. In 1990 came what most players including myself still use today, which is the Graphite stick. They come in either a one-piece stick or a two-piece stick where you have to put the blade into the end of the shaft and glue it in. These sticks have become the most popular to all players because of the way they combine aluminum and wood features. They have an extraordinary amount of flex which makes shoot power and accuracy better. The only disadvantage is their poor durability and their price. These sticks sell for hundreds of dollars and get expensive if you tend to break a lot of sticks.
Which One to Buy?
Many people have a different preference when it comes to choosing and buying their hockey sticks. I can help you out by giving you a personal opinion of each kind of stick. I have used and broken every kind of stick. The wood stick is usually the cheapest stick out in the business cause it does not cost much to make them. They generally have a much nicer feel to them than aluminum or the graphite stick. Only one thing separates wood sticks from the others and it's their poor durability. When I was using a wood stick I went through one in about eight games and went through eight sticks during a season. With the aluminum stick it has excellent durability because of the material it's made from but it's only downfall is how heavy it is. They do not make many aluminum sticks anymore. The graphite stick is the most popular stick in the business because it offers qualities of aluminum and wood sticks. If you like a lot of flex on your stick this would be the kind of stick you want to buy. Graphite sticks have average durability and their blades don't disintegrate. Only downfall of the graphite sticks is their prices as they tend to be quite expensive. I still use the graphite stick and I tend to go through two a season which is not too bad compared to the pros that use these kind of sticks that go through one to two in a span of three days.
Please View this video by the Discovery Channel on how the Hockey stick is made.
Example of a Graphite Stick. 
Example of a Wood Stick.
Example of a Aluminum Stick. 