Conservation means merely keeping the materials.
The film materials will be treated with care and may be used as a future preservation source, but there are no active preservation efforts. Preservation is a more active intervention and refers to the process of gathering the best surviving moving image materials and transferring them to the most stable format possible. Restoration refers to the costly and time-consuming activity of trying to bring a film as close as possible to its initial release form. This requires finding missing footage, replacing altered material, and repairing any physical damage done to the material. The goal of a restoration project is to be able to exhibit the restored film.