In our organization we are using OneDrive and OneDrive for Business for the last few years even our senior staff who were using this features for months ask this same silly question. Most of them are getting confused by the brand name. Since you have asked here I am trying to explain my best.
If you are using any Windows device with version 8 or 10, then you should have seen OneDrive in your device. OneDrive is the cloud storage available in your File Explorer, and the default file saving option in Microsoft servers.
OneDrive Personal :
OneDrive is a personal cloud storage to securely store your files and access them later, from any device. OneDrive lets you sync and stores your personal files in one place, share them with friends and family, and access them from any internet-connected device. You can think of it as Microsoft’s version of Dropbox, iCloud, or Google Drive.
When you signup for Microsoft OneDrive you will get 5GB of free storage space earlier it was 15GB now it has reduced to 5GB.
OneDrive For Business :
OneDrive for Business also works the same way as OneDrive Personal. This is little confusing at first for some users, because of its brand name. One would assume that OneDrive for Business is simply OneDrive with some extra features to help businesses get the job done. However, it has nothing to do with OneDrive in terms of what it is and what it does.
OneDrive for Business is part of Office 365 (or SharePoint Server if you’re still on-premises) and is designed for organizations. It allows a company to provide employees with personal storage space that can be managed from a central location.
OneDrive for Business is a part of Office 365 or SharePoint online storage intended for business purposes. Your OneDrive for Business is managed by your organization and lets you share and collaborate on work documents with co-workers. Site collection administrators in your organization control what you can do in the library.
In short, OneDrive for Business brings teams together to collaborate on documents, amongst other things, using a business account.
In short, the basic OneDrive, with OneDrive for Business each team member of the organization has his or her storage place. The difference lies in the platform used to offer the service; in this case, it’s SharePoint.