GRUB simply stands for Grand Unified Bootloader. It can help to boot operating systems that are developed by DOS, Mach4, Linux, Vista, and several other operating systems. GRUB can load kernels in several binary formats, entered in a recognized state, thus making it easier for users to use.
It enables users to choose the kernel configuration they want in the partition of an operating system. It has no need for geometry translation and also supports multiple executable formats. On the other hand, LILO is known to be a generic boot loader used for Linux.
This is the code that is loaded by BIOS at startup into the computer memory. LILO can also boot an operating system through an external source, such as a hard disk or floppy disk. It permits users to start OS/2, Windows, DOS, and other configs from Linux. LILO was actually replaced by GRUB as the default boot loader for Linux.