Summary of Outlook Vs. Exchange
Although both the applications work together, Microsoft Exchange provides the back end to a centralized system for your emails, messages, calendars, and tasks, whereas Outlook is a desktop email client which keeps in sync with the Exchange Server.
In the arena of Microsoft email servers, two options are available for customers to manage their internal written communication: Exchange Server 2016 and Office 365. The main difference is one is a self-hosted system (Exchange 2016) and the other is cloud based (Office 365).
Microsoft Exchange is a collection of applications that enable digital messaging and collaboration in an enterprise IT environment. It is a Microsoft proprietary product that consists of Microsoft Exchange Server and Microsoft Outlook.