A standard date and time format string uses a single format specifies to define the text representation of a date and time value. Any date and time format string that contains more than one character, including white space, is interpreted as a custom date and time format string. More about standard date and time format string visit MSDN Library. 
Here are the following codes:
Example 1
Dim time As DateTime = DateTime.Now
        Dim format As String = "MMM " & "," & "ddd d HH:mm yyyy"
        MessageBox.Show(time.ToString(format))
Output: May, Tue 18 16:46 2010
Example 1
Dim now As DateTime = DateTime.Now
        MessageBox.Show(now.ToString("d"))
        MessageBox.Show(now.ToString("D"))
        MessageBox.Show(now.ToString("f"))
        MessageBox.Show(now.ToString("F"))
        MessageBox.Show(now.ToString("g"))
        MessageBox.Show(now.ToString("G"))
        MessageBox.Show(now.ToString("m"))
        MessageBox.Show(now.ToString("M"))
        MessageBox.Show(now.ToString("o"))
        MessageBox.Show(now.ToString("O"))
        MessageBox.Show(now.ToString("s"))
        MessageBox.Show(now.ToString("t"))
        MessageBox.Show(now.ToString("T"))
        MessageBox.Show(now.ToString("u"))
        MessageBox.Show(now.ToString("U"))
        MessageBox.Show(now.ToString("y"))
        MessageBox.Show(now.ToString("Y"))
Output:
5/18/2010
Tuesday, May 18, 2010
Tuesday, May 18, 2010 4:47 PM
Tuesday, May 18, 2010 4:47:55 PM
5/18/2010 4:47 PM
5/18/2010 4:47:55 PM
May 18
May 18
2010-05-18T16:47:55.9620000-06:00
2010-05-18T16:47:55.9620000-06:00
2010-05-18T16:47:55
4:47 PM
4:47:55 PM
2010-05-18 16:47:55Z
Tuesday, May 18, 2010 10:47:55 PM
May, 2010
May, 2010
Example 3
Dim now As DateTime = DateTime.Now
        MessageBox.Show(now.ToLongDateString())
        MessageBox.Show(now.ToLongTimeString())
        MessageBox.Show(now.ToShortDateString())
        MessageBox.Show(now.ToShortTimeString())
        MessageBox.Show(now.ToString())
Output:
Tuesday, May 18, 2010
4:49:57 PM
5/18/2010
4:49 PM
5/18/2010 4:49:57 PM
 
Example 3
Dim now As DateTime = DateTime.Now
        ' Print out all the days.
        For index As Integer = 0 To 6
            MessageBox.Show(now.ToString("ddd"))
            now = now.AddDays(1)
        Next
Output:
Tue
Wed
Thu
Fri
Sat
Sun
Mon
Example 4
Dim now As DateTime = DateTime.Now
        For index As Integer = 0 To 6
            MessageBox.Show(now.ToString("dddd"))
            now = now.AddDays(1)
        Next
Output:
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Monday
Example 5
  Dim now As DateTime = DateTime.Now
        For index As Integer = 0 To 1
            MessageBox.Show(now.ToString("tt "))
            now = now.AddHours(12)
        Next
Output:
PM
AM
Example 6
   Dim now As DateTime = DateTime.Now
        MessageBox.Show(now.ToString("yy"))
        MessageBox.Show(now.ToString("yyyy"))
Output:
10
2010
The following are examples of user-defined date and time formats for December 7, 1958, 8:50 PM, 35 seconds.
   | Format | Displays | 
   | M/d/yy | 12/7/58 | 
   | d-MMM | 7-Dec | 
   | d-MMMM-yy | 7-December-58 | 
   | d   MMMM | 7   December | 
   | MMMM   yy | December   58 | 
   | hh:mm   tt | 08:50   PM | 
   | h:mm:ss   t | 8:50:35   P | 
   | H:mm | 20:50 | 
   | H:mm:ss | 20:50:35 | 
   | M/d/yyyy   H:mm | 12/7/1958   20:50 | 
You can use a variety of format characters on the DateTime type. For more information, visit 
MSDN Library.