Storage Location- It is the place where materials are managed on quantity basis. it is place where physical inventory is done. This relevant to Inventory or stock. Storage location is always assigned to a Plant. This is relevant to material master and goods movements.
Location- It is independent entry. It can be plant address or storage location address or any other address. This is used in master data of Asset, Work Center etc... This have nothing to do with stock and goods movements.
Plus you can read more on the Help documentation, on configuration path document and Press F1 on field respective filed when you use them in any document or master data.