As much as I have seen by now, people say that mutation has an adverse effect associated with it, while polymorphism has no. Similarly how we can compare all the three terms I have mentioned above.
A mutation is a change in the DNA sequence. It can be a point substitution of one nucleotide with another, a deletion of 1 nucleotide, or an insertion of therefor. Further mutations might involve multiple nucleotides at once, an example of this is a sequence duplication. Similarly to the duplication, a large deletion, large insertion or inversion of the sequence fragment are just types of mutations that can occur in the nucleotide sequence.
Now, the mutation can have an adverse effect (negative), it can have a positive effect (positive) or it can have no effect at all (neutral).
The polymorphism is just a fancy name used to describe such a position in the sequence of DNA where when we look at multiple individuals at a given position they have different nucleotides (different alleles). The phenomenon for the existence of polymorphism is possible because of the mutations: because DNA of some individuals mutated at this position they have one variant of a nucleotide, and other individuals have yet another. In this way, mutations generate genetic diversity.