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I have Blackberry phone. So my explanation will differ little for the devices manufactured by other companies.
First of all, Soft reset stops all application and then allows you to re-establish communication between your phone and computer.
When you perform double soft reset, it is called as Hard reset.

As per my knowledge, Soft-reset helps you to get all the settings of your phone to the factory default setting and also you don’t lose any previous application.

Hi....
Some info about Hard-reset. This process will format memory of your phone. i.e. Hard reset will delete each and everything that has been installed after using phone for the first time.

Hey all,
perform Soft-reset for Blackberry devices by following way:
Alt +Right Shift (Cap) + Delete.
And I think, Blackberry phones don’t have Master reset feature.