Generally, an oil is used for hydrating and softening the beard. This is usually used as a daily maintenance routine for overall beard and skin health.
A balm is normally used when one wants to style or shape the beard.
Apply a balm in its melted state by rubbing a small amount between the hands, then brushing and shaping the beard. When the balm sets due to the beeswax content cooling, the beard will generally hold its shape.