What is the difference between List and Library?

SharePoint List Document Library
Can have more than one documents attached to the list item Does not have document as an attachment instead it stores the document in library as an item
Only major version is supported  Major(Published) and minor(draft) versioning is supported
Do not support check-In/Check-Out feature Supports check-In/Check-Out feature
Documents added as attachment are not included in Search index/result Documents in library are included in search results
Attachment document in list item will not work with eDiscovery feature  Documents in library will work with eDiscovery feature
Cannot enable location based default value in list Can enable location based default value in document library
Cannot have document set Can have document set
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