1) Paloma is typically made with tequila, grapefruit soda, lime juice, and agave syrup or simple syrup, while the Margarita is made with tequila, lime juice, and orange liqueur (such as Cointreau) or triple sec. 2)The Paloma has a light, refreshing taste with a balance of sweet and tart flavors while the Margarita, on the other hand, has a more intense, tangy flavor that is both sweet and sour. 3) The Margarita is typically a stronger cocktail than the Paloma, as it contains more alcohol and less mixer.