Database Restore - When a DB Backup is restored onto an Existing Database or New Database. Typically, this would restore all Data and DB objects to that recorded in the backup file.

Database Refresh - This is performed on an Existing Database only and No New Database is created. This would purge all the data from the database keeping the DB objects intact. This is performed on a regular basis in a Testing Environment where dirty data would be purged often to test for various test conditions.