Difference Between excerpt() And Content() function

excerpt

The WordPress Excerpt is an optional summary or description 
of a post  in short, a post summary. Html tags doesn't work 
eg.<ul>,<li>,<Span>.
you can Use of this function in index.php in your theme
to  post summary.
<?php the_excerpt(); ?>

content

Use of this function in index.php in your theme area.
all html content obtain Using this function.
<?php the_content(false);?>
To limit the content of the post insert this code at place
till where you want to saw the content
<!--more-->
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