In another thread, which I did not want to hijack for this purpose, the properties of Zener diodes are being discussed slightly obliquely. So I decided to upload this graph of the I-V characteristic of a 1N4733A Zener diode (5.1 V).
This is an oscilloscope trace which shows, upon proper interpretation of the two axes, the current you get in the diode (vertical axis) as a function of the voltage applied across it (Vf, forward voltage; horizontal axis). Vf > 0 corresponds to forward bias of the p-n junction and, as it is silicon, you really get a substantial current flow once the voltage reaches 0.6 or 0.7 V, and thereafter even a tiny increase in the forward voltage yields a great increase in the current. That's the steep branch in the curve on the right side of the graph.
For a rectifier diode, that's basically the end of the story. For a Zener diode, however, there also can be substantial current flow in the other direction if the reverse bias is strong enough. In the case seen here, once the reverse bias reaches a few volts, there can be substantial current flowing in the reverse direction. That's the downward part of the curve on the left-hand side. Note that for this diode, the onset of the reverse current is more gradual than in the forward direction. This means that there is not such a well-defined threshold voltage for current flow, and use of this Zener diode as a voltage reference requires taking care to insist on a particular current, chosen to match the desired voltage.
Attachment:
I-V 1N4733A small.JPG [ 94.45 KiB | Viewed 3778 times ]
The typical "diode test" function of a digital multimeter is the DMM's attempt to answer the following question: "What voltage do I (the DMM) have to apply between my two terminals to get a specific amount of current to flow?" The specific amount is part of the DMM design and is typically on the order of 1.0 mA. Since the forward and reverse conduction characteristics are different, the "answer" will depend on which way around the meter probes are attached to the terminals of the diode.