New Light;
Base game features (Armor 2.0, Finishers)
All Year 1 story content - including base Destiny 2 campaign and The Red War, Curse of Osiris and Warmind missions
Access to all Patrol spaces (including Forsaken's Dreaming City and Shadowkeep's Moon)
Exotics, Nightfall Strikes and Raids, including the Leviathan, Eater of Worlds and Spire of Stars. (Including Shadowkeep's two new strikes)
Black Armory content (Weapons frames, bounties, etc. But NOT the Exotics)
Exotics Thunderlord, Arbalest, Outbreak Perfected (?) and Bad Juju (?)
Gambit, Gambit Prime, Black Armory, The Menagerie, Reckoning, Iron Banner. Gambit and Crucible Private matches.
The opening mission of Shadowkeep (?)
Halloween-themed Festival of the Lost and Christmas event The Dawning
Free Battle-Pass track (including the artifact)

Forsaken;
All Forsaken's campaign missions
Last Wish Raid
Scourge Raid
Crown of Sorrow Raid
Black Armory Exotic quests
Additional specializations for all classes and elements (Commander Titan, etc) (Also included in Shadowkeep.)

Shadowkeep; (Includes Season of the Undying)
All Shadowkeep campaign missions
New Raid and Dungeon
Exotic quest for Xenophage
Nightmare Hunts

Season of the Undying;
Vex Offensive activity
New Exotic quest for Leviathan's Breath
Premium Battle-pass track (Cosmetic, guns, hats, junk)