<md-list> is the most important directive in angular material to represent the list of items. Multiple items 1 to n can be displayed by using this directive. User don't need to write frontend or html multiple times to display the list. so this is a container of multiple <md-list-item>. </md-list-item> is a directive which is used within <md-list> directive to represent an item in a single row or column.
How to implement List of angular material,Let's understand it by an example. Here, In js file an array is initialized with a detail array which holds name and emailId of the students. In html part,we are using <md-list> and <md-list-item> with ng-repeat directive to repeat the items of detail array and we will access properties name and emailId via Dot as you can see in given example.