Waxing involves applying hot or cold wax to the skin and then pulling it off quickly, removing the hair from the root. Epilating, on the other hand, uses an electronic device with multiple tweezers to grasp and pull out hairs. The main difference is that waxing covers a larger area at once but can be more painful, while epilating may take longer due to its smaller area coverage but can be more precise and less messy. Both methods provide longer-lasting hair removal compared to shaving.