String in java is Immutable, once created its cannot be changed. also, any string literal will be stored in the string pool for later use whenever the same literal is used again, for example:
String name = "my name"; // one intern object is created in pool
String otherName = "my name"; // the old intern object is reused
System.out.println( name == otherName); // true , the same reference refer to same object
the two reference refer to the same location in the pool.
String name = new String("my name"); // one object is created, no string pool checking
String otherName = new String("my name"); // other object is created, no string pool checking
System.out.println( name == otherName); // false, we have 2 different object
here we have two different String object in memory each of them have its own value.
see this article for more:
http://www.javaranch.com/journal/200409/Journal200409.jsp#a1