An asteroid is a body that looks relatively small, rocky, and inactive, that orbits the sun. Meanwhile, a meteor refers to a light phenomenon that occurs when a particle from a meteorite (asteroid) or comet gets its way into the earth's atmosphere and then vaporizes. It is frequently also referred to as a shooting star.
The Greeks do make use of the term "meteor" to describe several atmospheric phenomena such as halos, bolides, shooting stars, rainbows, etc., whereas modern scientists refer to the term "meteor" as luminous trails, such as shooting stars, fireballs, falling stars, etc. In the olden days, they used to connect meteors to superstitious beliefs.
Scientists consider asteroids as remnants from the previous processes that brought about the formation of the earth's solar system and claimed they are usually over 3 billion years. Most asteroids are made up of pure rocky materials, whereas some contain metals such as iron and nickel.