Garam Masala is made by dry roasting whole spices and then grinding them into a fine powder, while for Panch Phoran, you just have to mix five whole spices and store them. Garam Masala includes various spices such as nutmeg, star anise, mace, black and green cardamom, bay leaves, cinnamon stick, peppercorns, cloves, coriander seeds, cumin seeds, and fennel seeds, whereas, Panch Phoran only requires five spices.