The main feature of a PreparedStatement object is that, unlike a Statement object, it is given an SQL statement when it is created. The advantage to this is that in most cases, this SQL statement will be sent to the DBMS right away, where it will be compiled. As a result, the PreparedStatement object contains not just an SQL statement, but an SQL statement that has been precompiled. This means that when the PreparedStatement is executed, the DBMS can just run the PreparedStatement 's SQL statement without having to compile it first.
A CallableStatement,on the other hand provides a way to call stored procedures in a standard way for all DBMSs. A stored procedure is stored in a database; the call to the stored procedure is what a CallableStatement object contains.
Hope this will help out in differentiating!!!