One of the main differences is duration. An anaerobic event will be shorter than an aerobic one, usually lasting somewhere between a few seconds and two minutes, as anything longer than that begins to require aerobic function. The body simply cannot sustain an anaerobic effort for very long as the muscles are being flooded with lactic acid because of the intensity of the effort and the inability of the blood to cycle all of it out. Events such as a 100m dash or the pole vault are strictly anaerobic.
An aerobic event is one lasting longer than a minute where the body depends on aerobic capacity, the ability to process oxygen and keep the muscles clear of lactic acid up to a certain point. Something like the 10,000m or a marathon are very much aerobic events.
In Athletic we have two different types of events, either Anaerobic or Aerobic Athletic event.
Anaerobic event is the one which requires alot of energy production within a short period of time. For exampe we have sprinting, heavy body building among others which are activities which requires alot of energy production within short period of time. These events do not last for a long period of time as an athletee will definately experience fatigue due to low oxygen in the body necessary for metabolism.
On the other hand, Aerobic events are the one which requires relative low energy production. It is a stressfree events like Jogging, walking among others which are done with less pressure. The oxygen intake is constant and thus the metabolism rate is not affected. These activities can be done for a length period of time as one is able to build endurance while in aerobic events and thus not experience fatigue.