Difference between Stored Procedures and Prepared StatementsAre they the same?

No. Stored Procedures and Prepared Statements are not the same. They are created for different purposes, created in different manner, and behave differently to each other.

Stored Procedures(SP)
A stored procedure can be defined as a bunch of SQL statements which are written to perform a certain task. After once compiled Stored Procedures are stored in the database.
When you are creating a Stored Procedure you have to give it a name and you can call it later using that name. A stored procedure can be a single query or a collection of different queries.

In some cases using Stored Procedures can have some advantages over multiple SQL queries.
♫ For an example, when using Stored Procedures you can keep your business logic in one place and let it be accessed by different programming languages such as Java, c# etc. So your Java or C# code also will become much simpler. However don't forget that, even though Stored Procedures make it easy to switch between programming languages, it can makes it harder to switch between databases in the case you wanted to switch to a different database.

♫ Assume an environment where the database server is accessed through a network. There you will surely find Stored Procedure are very useful. Instead of sending each and every SQL query through the network, calling a Stored Procedure stored in the database will be very faster and will causes to reduce the network traffic.

♫ You cannot forget the data security also. Once one of my friends was outsourced by a Telecommunications service provider company. He had to work with very sensitive data of the company. However once I met him, he said that his team was not allowed to access the data from tables. Instead he had to access previously created Stored Procedures. So data is secured. Since Stored Procedures can thus be used as an interface between data nad user, sensitive data and the table structure can be kept hidden from users

Prepared Statements
♫ Prepared Statements are some what different from Stored Procedures.
Once you created a Prepared Statement it is available within that session only. If you didn't de-allocate(drop) the Prepared Statement before the session is terminated, the database server de-allocates it.

♫ As soon as you created a Prepared Statement it is parsed and compiled and then compiled version is saved until the session lasts. Within that session cycle you can use it any number of times. The query is not parsed or compiled again because it is already compiled, thus the performance is higher.

♫ Prepared Statements are very useful when you need to use the same query multiple times, with the same or different parameters.

♫ When talking about Prepared Statements we can't forget the topic of SQL Injection. If you are using parameterised Prepared Statements, the user input is handled as the value of the parameter. So even when anybody passed a SQL portion as the user input, that SQL part also is not considered as a separate command and the injection fails.