The physical properties of each type are different. The 304 is a soft, low-carbon steel that can be easily worked. It has a balanced combination of strength, toughness, and excellent Weldability.
The 316 is a hard, high-carbon steel that cannot be thoroughly worked without danger of cracking. It is also very difficult to weld and should only be used in joint parts that are very small in size or do not require heavy loads. It has a high toughness and excellent wear and tear resistance, making it suitable for knife blades and car parts applications.
Each type has its benefit according to your need, but you must know what you choose before buying or choosing a company for an upcoming metal project.