Missiles

While guns are the primary weaponry in the game, missiles can add some serious punch. Unlike guns, missiles have limited ammunition, and purchasing missiles can be very expensive. Missiles have their own skill set and don't benefit at all from a pilot's gunnery skill. A pilot with a lot of missile skills can increase the damage dramatically.

Missile Types
Unguided - Fairly self-explanatory. These would more accurately be called rockets rather than missiles since they're not guided. Unguided missiles fly in a straight line once fired and will not track or turn at all. On the plus side, they cannot be affected by passive anti-missile systems such as chaff. They can still be shot down by active anti-missile systems. They're the cheapest missile type and a better choice than guided missiles with a low resistance rating since they just get destroyed by chaff.

Short-Range - These missiles have a guidance system and maneuverability, allowing them to home in on their targets. Despite being called "short-range" their range still exceeds standard sensor detection range. It really is just saying they have a shorter range than the LRMs. Dodging these can be very difficult, and these are the main reason anti-missile systems are on nearly every fighter in the galaxy. Due to the prevalence of anti-missile systems, guided missiles with a low resistance rating have become virtually useless, but higher end models can serve well.

Long-Range - When combined with a system that extends sensor range, long range missiles can be fired from beyond an enemy's sensor range. Care (and saving) must be taken if the player chooses to use these since killing an enemy that's part of a scripted event before the event is triggered will break the game. They're fine for fighting random enemies. As with the short-range missiles, the first generation (Starshark) is garbage.

Torpedo - Got a nasty capital ship to deal with? Torpedoes can take it out fast. They're not a good choice against fighters since they have long lock-on times and very poor maneuverability.

MIRV - Each MIRV missile actually contains several smaller missiles, each with a warhead that does the listed damage. When it nears its target, a MIRV missiles separates, and each of the smaller missiles tracks the target independently. If the target is destroyed, each of the smaller missiles is able to acquire a new target. As a result, MIRV missiles can heavily damage or destroy large groups of fighters. The downside is the high cost.

Missile List
.* Alien Missiles can only be acquired as loot, and unlike guns, they get expended.

.** Damages armour directly, bypasses shields

Source
Star Wolves 3 Civil War Wiki