Because phrasal verbs can have very different meanings depending on the context, I'll assume you mean an object/person moving downwards from a height.
"drop off" = the focus is on the beginning of the fall. You'll normally tell us where from: drop off a table, drop off a cliff, drop off the edge...
"fall off" = very similar to drop off, except this suggests an accident.
"fall down" = the focus is on the end of the fall, ie. the ground. The object/person was not caught or stopped during the fall. Normally the fall begins from a natural standing position (eg. of a person, or a building) and not from a higher place.