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db:migrate runs (single) migrations that have not run yet.
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db:create creates the database
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db:drop deletes the database
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db:schema:load creates tables and columns within the existing database following schema.rb. This will delete existing data.
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db:setup does db:create, db:schema:load, db:seed
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db:reset does db:drop, db:setup
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db:migrate:reset does db:drop, db:create, db:migrate
Typically, you would use db:migrate after having made changes to the schema via new migration files (this makes sense only if there is already data in the database). db:schema:load is used when you setup a new instance of your app.
For rails 3.2.12:
I just checked the source and the dependencies are like this now:
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db:create creates the database for the current env
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db:create:all creates the databases for all envs
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db:drop drops the database for the current env
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db:drop:all drops the databases for all envs
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db:migrate runs migrations for the current env that have not run yet
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db:migrate:up runs one specific migration
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db:migrate:down rolls back one specific migration
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db:migrate:status shows current migration status
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db:rollback rolls back the last migration
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db:forward advances the current schema version to the next one
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db:seed (only) runs the db/seed.rb file
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db:schema:load loads the schema into the current env’s database
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db:schema:dump dumps the current env’s schema (and seems to create the db as well)
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db:setup runs db:create db:schema:load db:seed
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db:reset runs db:drop db:setup
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db:migrate:redo runs (db:migrate:down db:migrate:up) or (db:rollback db:migrate) depending on the specified migration
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db:migrate:reset runs db:drop db:create db:migrate
For further information please have a look at https://github.com/rails/rails/blob/v3.2.12/activerecord/lib/active_record/railties/databases.rake (for Rails 3.2.x) and https://github.com/rails/rails/blob/v4.0.5/activerecord/lib/active_record/railties/databases.rake (for Rails 4.0.x)