-O0: This level (that is the letter "O" followed by a zero) turns off optimization entirely and is the default if no -O level is specified in CFLAGS or CXXFLAGS. This reduces compilation time and can improve debugging info, but some applications will not work properly without optimization enabled. This option is not recommended except for debugging purposes.
-O1: the most basic optimization level. The compiler will try to produce faster, smaller code without taking much compilation time. It is basic, but it should get the job done all the time.
-O2: A step up from -O1. The recommended level of optimization unless the system has special needs. -O2 will activate a few more flags in addition to the ones activated by -O1. With -O2, the compiler will attempt to increase code performance without compromising on size, and without taking too much compilation time.
-O3: the highest level of optimization possible. It enables optimizations that are expensive in terms of compile time and memory usage. Compiling with -O3 is not a guaranteed way to improve performance, and in fact, in many cases, can slow down a system due to larger binaries and increased memory usage. -O3 is also known to break several packages. Using -O3 is not recommended.
-Os: optimizes code for size. It activates all -O2 options that do not increase the size of the generated code. It can be useful for machines that have extremely limited disk storage space and/or CPUs with small cache sizes.
-Og: In GCC 4.8, a new general optimization level, -Og, has been introduced. It addresses the need for fast compilation and a superior debugging experience while providing a reasonable level of runtime performance. Overall experience for development should be better than the default optimization level -O0. Note that -Og does not imply -g, it simply disables optimizations that may interfere with debugging.
-Ofast: New in GCC 4.7, consists of -O3 plus -ffast-math, -fno-protect-parens, and -fstack-arrays. This option breaks strict standards compliance, and is not recommended for use.
