GIF and PNG are the two different types of formats used to store the images. GIF: GIF stands for graphics interchange format. The extensions used to store images in this format are .gif and .gfa. It uses the lossless compression algorithm and supports 8-bit color. 
PNG: It stands for portable network graphics. For PNG images, the extension used is .png. It also uses the lossless compression algorithm. 
Differences between GIF and PNG:
| GIF | PNG |
|---|---|
| It stands for graphics interchange format. | It stands for portable network graphics. |
| It supports animations. | It doesn't support animations. |
| MIME type is image/gif. | MIME type is image/png. |
| The file size is generally less. | The file size is large as compared to a GIF. |
| It supports one bit transparency in the images. | It supports transparency with an elegance. |
| The extensions used are .gif and .gfa. | The extension used is .png. |
| Mostly used when animation is needed. | It is mostly used in image creation. |
| It provides a limited color range of 256 colors. | It provides thousand of colors. |
| It supports layers and multi-paging. | While it does not supports layers and multi-paging. |
| It is best suited for screenshots, typography, etc. | It is suitable for small vectors, crispy edged visuals, logos, etc. |