Buffering: Buffering is a method of overlapping input, output and processing of a single job. After data has been read and the CPU is about to start operating on it, the input device is instructed to begin the next input immediately. By the time,the CPU is ready for the next data item, the input device have finished reading it. The CPU can then begin processing the newly read data, while the input device starts reading the next data. Similarly, this can be done for output.
Spooling: The spooling is a more sophisticated form of input/output buffering, which essentially uses the disk as a very large buffer for reading and storing output files. Buffering overlaps input, output and processing of a single job; whereas, spooling allows CPU to overlap the input of one job with the computation and output of other jobs.
