There are 3 phases a game will go through before and up to release; these are Alpha, Beta and Gold.
Alpha is the first playable stage of the game, and as such only contains the base gameplay elements in order to make the game playable. during this phase, testing is usually only carried out by developers or members of the development team, as alpha builds are prone to being extremely unstable, and will typically frequently crash or encounter other such bugs. The alpha stage of the testing cycle ends with a feature freeze, during which no more features are added and extensive bug testing is carried out to try to make the build as stable as possible before moving into beta.
Beta is the second stage of the testing cycle, during which the game will largely be feature complete, with only some minor or general changes to be made to the game itself, and focuses quite largely on bug testing. many games have started to have release beta builds released to the public recently, as it can provide a lot of feedback and bug reports due to the fact that the community for a game will probably be larger than the number of in-office testers.
Gold is the full, final version of the game, where it is ready to be released and nothing more needs to be added. at this stage in development, there should be little-to-no bugs remaining in a game which would need patching post-release.
