Spring Bean life Cycle is hooked to the below 4 interfaces Methods

1. InitializingBean and DisposableBean callback interfaces
2. *Aware interfaces for specific behavior
3. Custom init() and destroy() methods in bean configuration file
4. @PostConstruct and @PreDestroy annotations

InitializingBean and DisposableBean callback interfaces
InitializingBean and DisposableBean are two marker interfaces, a useful way for Spring to perform certain actions upon bean initialization and destruction.

1. For bean implemented InitializingBean, it will run afterPropertiesSet() after all bean properties have been set.
2. For bean implemented DisposableBean, it will run destroy() after Spring container is released the bean.

Refer Here and here

Custom init() and destroy() methods in bean configuration file
Using init-method and destroy-method as attribute in bean configuration file for bean to perform certain actions upon initialization and destruction.

@PostConstruct and @PreDestroy annotations
We can manage lifecycle of a bean by using method-level annotations @PostConstruct and @PreDestroy.

The @PostConstruct annotation is used on a method that needs to be executed after dependency injection is done to perform any initialization.

The @PreDestroy annotation is used on methods as a callback notification to signal that the instance is in the process of being removed by the container.

@PostConstruct vs init-method vs afterPropertiesSet
There is any difference but there are priorities in the way they work. @PostConstruct, init-method.@PostConstruct is a JSR-250 annotation while init-method is Spring’s way of having an initializing method.If you have a @PostConstruct method, this will be called first before the initializing methods are called. If your bean implements InitializingBean and overrides afterPropertiesSet, first @PostConstruct is called, then the afterPropertiesSet and then init-method.

@Component
public class MyComponent implements InitializingBean {
	
	@Value("${mycomponent.value:Magic}")
	public String value;
	
	public MyComponent() {
		log.info("MyComponent in constructor: [{}]", value); // (0) displays: Null [properties not set yet]
	}
	
	@PostConstruct
	public void postConstruct() {
		log.info("MyComponent in postConstruct: [{}]", value); // (1) displays: Magic
	}

	@Override // (equivalent to init-method in XML; overrides InitializingBean.afterPropertiesSet()
	public void afterPropertiesSet() {
		log.info("MyComponent in afterPropertiesSet: [{}]", value);  // (2) displays: Magic
	}	

        public void initIt() throws Exception {
	  log.info("MyComponent in init: " + value);
	}

	@PreDestroy
	public void preDestroy() {
		log.info("MyComponent in preDestroy: [{}], self=[{}]", value); // (3) displays: 
	}

        public void cleanUp() throws Exception {
	  log.info("Spring Container is destroy! Customer clean up");
	}
}

Spring.xml

<beans xmlns="http://www.springframework.org/schema/beans"
	xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
	xsi:schemaLocation="http://www.springframework.org/schema/beans
	http://www.springframework.org/schema/beans/spring-beans-2.5.xsd">
	<bean id="customerService" class="com.mkyong.customer.services.CustomerService" 
		init-method="initIt" destroy-method="cleanUp">   		
		<property name="message" value="i'm property message" />
	</bean>		
</beans>

Output

MyComponent in constructor: [null]
MyComponent in postConstruct: [Magic]
MyComponent in init: [Magic from XML]
MyComponent in afterPropertiesSet: [Magic]
MyComponent in preDestroy: [Magic]
Spring Container is destroy! Customer clean up

When to use what?
init-method and destroy-method is the recommended approach because of no direct dependency to Spring Framework and we can create our own methods.
InitializingBean and DisposableBean To interact with the container’s management of the bean lifecycle, you can implement the Spring InitializingBean and DisposableBean interfaces. The container calls afterPropertiesSet() for the former and destroy() for the latter to allow the bean to perform certain actions upon initialization and destruction of your beans.
@PostConstruct and @PreDestroy – The JSR-250 @PostConstruct and @PreDestroy annotations are generally considered best practice for receiving lifecycle callbacks in a modern Spring application. Using these annotations means that your beans are not coupled to Spring specific interfaces.