Older Simpler
Newer More Capable and Complex
What is the main difference? Inspector window
Create an object > Add an Animation component > go to Animation Window by going into Window > Create a New Animation file
Create an Animation from Assets folder
Drag and Drop Animation Clips to Animator
Legacy Animation: Animator doesn’t create a motion. No node.
Macanim Animation: Animator sets a motion automatically loading a brand new node.
Animation Component is meant entirely for Animation Legacy form.
Mecanim Animation doesn’t work on Animation Component. even though it is possible to drag and drop macanim animation to Animations Element as well as Animation, on the Animation window the macanim animation works the same, however, it won’t play in a play mode. Because Animator component does not load legacy animation.
You cannot add an Animation clip to Controller directly on Animator Component.
You must create an Animator Controller to use Animator Controller on Animator Component.
Animation component can have an animation clip directly.
Animator Controller requires to build the Animator controller