Choosing the right setting will prevent shrinkage, fading and wrinkles.

Regular/Heavy: High heat and fast drying
Use this setting to dry whites, socks, towels, etc.  Clothes washed in hot water may shrink if the regular cycle is used to dry them.

Permanent Press: Medium heat
Use with colors. The heat from a regular setting will fade them.  Do not use with delicates the heat is still to high.

Wrinkle Release: 10 minutes in the warm air of the Permanent Press cycle will take the wrinkles out.  If your dryer has a steam setting, use that to take out wrinkles.  It should take less than 5 minutes.

Delicates: Low heat
Delicates really should lay flat or hang to dry.  But if you are in a pinch you can use the delicate setting.

Air Fluff: No heat
This cycle doesn’t use any heat.  In our house we let most items air dry then throw them in the air fluff for 20 minutes to soften the fabric.  This really protects the fabric from fading.  You can also use this setting on dry clean only items.  Throw them in with a dryer sheet to get an extra wear before taking an item to the dry cleaner.

More dryer tips here: Laundry Basics for College Part 3