What is the difference between margin and padding?

Basic Difference Between Margin and Padding​

• Padding refers to the inner space an element possesses, whereas the margin denotes the surrounding whitespace of an element. 
• Regarding images, margins create space around them, separating them from text or other visual elements, while padding can be utilized to give the impression of a border around images.
• Example: "margin: 10px 5px 15px 20px" indicates that the top margin is 10px, the right margin is 5px, the bottom margin is 15px, and the left margin is 20px.
• Example: "padding:10px 5px 15px 20px" indicates that the top padding is 10px, the right padding is 5px, the bottom padding is 15px, and the left padding is 20px.