Old Earth creationism is an umbrella term for a number of types of creationism, including gap creationism, progressive creationism, and evolutionary creationism. Old Earth creationism is typically more compatible with mainstream scientific thought on the issues of physics, chemistry, geology and the age of the Earth, in contrast to young Earth creationism.
Gap creationism states that life was immediately and recently created on a pre-existing old Earth. One variant rests on a rendering of Genesis 1:1-2 as:
In the beginning ... the earth was formless and void."
This is taken by Gap creationists to imply that the earth already existed, but had passed into decay during an earlier age of existence, and was now being "shaped anew." This view is more consistent with mainstream science with respect to the age of the Earth, but still often resembles Young Earth creationism in many respects (often seeing the "days" of Genesis 1 as 24-hour days). This view was popularized in 1909 by the Scofield Reference Bible.
Progressive creationism is the religious belief that God allows certain natural processes (such as gene mutation and natural selection) to affect the development of life, but has also directly intervened at key moments in life’s history to guide those processes or, in some views, create new species altogether (often to replenish the earth).
This view of creationism allows for and accepts fluctuation within defined species but rejects transitional evolution as a viable mechanism to create a gradual ascent from unicellular organisms to advanced life. Progressive creationists point to multiple destructive events in the Earth's history (such as meteoric impacts and large-scale global volcanic activity) and geological evidence for rapid subsequent speciation as evidence for distinct, typically limited intervention by a Creator. This view can be applied (as it often is) to virtually any of the other old Earth views.