The difference between memory and storage is that memory is Temporary and storage is permanent.
Computers have two kinds of storage — temporary and permanent. A computer’s memory is used for temporary storage, while a computer’s hard drive is used for permanent storage. Whoever selected the term memory for temporary computer storage did the world a disservice since people tend to permanently store information in our memories. If I asked you to recall your first grade teacher’s name you could, most likely, tell me because that piece of information is stored in your memory, right? This is not how computers use their memory. A computer’s memory is also called RAM which is an acronym for Random Access Memory. A computer’s memory is where information is temporarily stored while it is being accessed or worked on.
One of the greatest sources of confusion for computer users is the difference between a computer’s memory and its storage space. The confusion is not entirely the users’ fault. Overlapping terminology contributes, as does poor word choice. I’ll try to reduce confusion by differentiating the terms as well as talking about their overlap.