PSD is a fairly common raster image format; the most popular graphic editor Adobe Photoshop is used to create files of this format. The name of the format is an abbreviation for Photoshop Document, and the developer is Adobe Systems. In other words, it is a graphic file format specially created for this program. Its feature is that it stores text information, layers, layer masks. PSD saves all layers created when working in Adobe Photoshop, and you can continue to work with them at any time. Also uses transparency and translucency options.
PNG is a raster image format developed by PNG Development Group. The name PNG is an abbreviation for Portable Network Graphic. This image format is used primarily on the Internet for posting on web pages, since PNG files use Deflate compression without losing quality. The development of this format was undertaken in order to replace the GIF format, to which there were many complaints. PNG's image quality and specifications were much better, but unlike GIF, it does not support animation and uses the CMYK palette.