How are product attributes and attribute options stored in Magento database?

As Alan Storm says: “you do not have to know about how your db works. You have to learn how the models work “. (This is not an exact quote. I gave you the meaning).

But I created own scheme to understand the DB structure. So this screen shows how it works:

Hope, it helps.

Also I recommend you to look through these links:

http://www.magentocommerce.com/wiki/2_-_magento_concepts_and_architecture/magento_database_diagram

http://alanstorm.com/magento_advanced_orm_entity_attribute_value_part_1