The index of refraction (also called the Refractive index) is a measure of how efficiently a lens material can bend light. The index of refraction of eyeglass lens materials usually ranges from 1.50 (regular plastic) to 1.74 (on variety of high index plastic.) In other words, the thickness of the lens.
In optics and lens design, the Abbe number, also known as the V-number or constringence of a transparent material, is a measure of the material’s dispersion (variation of refractive index versus wavelength), with high values of V indicating low dispersion. In other words, the clarity of the lens.