Mitosis and meiosis are both types of cell division but have key differences. Mitosis produces two identical daughter cells and is involved in growth and tissue repair. Meiosis produces four non-identical daughter cells and is important for sexual reproduction, reducing the chromosome number by half in the process. Both have phases like interphase and prophase but meiosis involves two rounds of division and cytokinesis. Meiosis creates genetic diversity in populations while mitosis maintains genetic stability.