First, the sources of funds are different. The national social security fund consists of central budget allocation, state-owned capital transfer, fund investment income and other means approved by the State Council. Social insurance fund is the general name of basic old-age insurance fund, basic medical insurance fund, industrial injury insurance fund, unemployment insurance fund and maternity insurance fund, which is mainly formed by unit and individual contributions.

Second, the nature and use are different. The national social security fund belongs to the social security reserve fund, which is specially used to supplement and adjust social security expenditures such as endowment insurance during the peak period of population aging, while the social insurance fund is mainly used for the current payment of personal pension, medical care, work injury, unemployment and maternity insurance benefits.

Third, the operation and management methods are different. The National Social Security Fund is managed and operated by the National Social Security Fund, which can invest and allocate fixed income, stocks, unlisted equity and other assets approved by the State Council, and can invest and operate in China domestic market and overseas market. All social insurance funds are managed by local social insurance agencies, and accounts are established according to social insurance types, so as to achieve balance of payments through budgets. At present, social insurance funds must be deposited in special financial accounts, and the scope and field of investment and operation are strictly restricted.