The vehicle & binder of oil paints is linseed oil, whereas water serves as the vehicle for an emulsion of acrylic polymer that is the binder in acrylic paint. Thus, oil paint is said to be "oil-based", while acrylic paint is "water-based"

The main practical difference between acrylics & oil paints is the inherent drying time. Oils allow for more time to blend colors & apply even glazes over underpaintings. This slow drying aspect of oil can be seen as an advantage for certain techniques, but in other regards it impedes the artist trying to work quickly. The fast evaporation of water from the acrylic paint film can be slowed with the use of acrylic retarders. Retarders are generally glycol or glycerin-based additives. In the case of acrylic paints, the addition of a retarder slows the evaporation rate of the water & allows for more water to be added keping the paint workable until the retarder has left the film & the paint layer is dry.

Oil paints tend to require the addition of a toxic solvent such as mineral spirits or turpentine to both thin the paint & clean up tools, Relatively recently water soluble oil paints have been developed for artist use. Oil paint is able to absorb more pigment than acrylic because linseed oil has a smaller molecule than does acrylic. Oil has a different refractive index than do acrylic dispersions. This changes how light interacts with the paint films.

Due to acrylic's more flexible nature & more consistent drying time between colors the painter does not have to follow the "fat over lean" rule of oil painting, where more medium must be applied to each layer to avoid cracking. While canvas needs to be properly primed & gessoed before painting, with oil, acrylic can be safely applied to raw canvas. The rapid drying of acrylic paint tends to discourage the blending of color & use of wet-in-wet technique unique to oil painting. While acrylic retarders can slow drying time to several hours, it remains a relatively fast-drying medium & the addition of too much acrylic retarder can prevent the paint from ever drying properly.

Although the permanency of acrylics is sometimes debated by conservators, they appear more stable than oil paints. Whereas oil paints normally turn yellow as they age/dry(oxidize) & require a removable protective layer of varnish. Acrylic paints, at least in the 50 years since their invention, have not yet been seen to yellow, crack or alter.

Another difference between oil & acrylic paints is the versatility offered by acrylic paints. Acrylic is very useful in mixed media, allowing the use of pastel (oil & chalk), charcoal, pen, etc. on top of the dried acrylic painted surface. Mixing other bodies into the acrylic is possible - sand, rice, even pasta may be incorporated in the artwork. Mixing artist or student quality acrylic paint with household acrylic emulsions is possible, allowing the use of pre-mixed tints straight from the tube or tin, so presenting the painter with a vast color range at his or her disposal.

Oil paint is a kind of slow-drying paint that consists of particles of pigment suspended in a drying oill, commonly linseed oill. The viscosity of the paint may be modified by the addition of a solvent such as turpentine or white spirit, and varnish may be added to increase the glossiness of the dried film. Oil paints have been used in England since the 13th century for simple decoration, but were not widely adopted as an artistic medium until the 15th century. Common modern applications of oil paint are in finishing and protection of wood in buildings and exposed metal structures such as ships and bridges. Its hard-wearing properties and luminous colors make it desirable for both interior and exterior use on wood and metal. Due to its slow-drying properties, it has recently been used in paint-on-glass animation. Thickness of coat has considerable bearing on time required for drying: thin coats of oil paint dry relatively quickly

Acrylic paint is fast-drying paint containing pigment suspended in an acrylic polymer emulsion. Acrylic paints can be diluted with water, but become water-resistant when dry. Depending on how much the paint is diluted (with water) or modified with acrylic gels, mediums, or pastes, the finished acrylic painting can resemble a watercolor or an oil painting, or have its own unique characteristics not attainable with other media.

Acrylic paints can be used in high gloss or matte finishes. As with oils, pigment amounts and particle size can alter the paint sheen. Likewise, matting agents can be added to dull the finish. Topcoats or varnishes may also be applied to alter sheen.

When dry, acrylic paint is generally non-removable. Water or mild solvents do not re-solubilize it, although isopropyl alcohol can lift some fresh paint films off. Toluene and acetone can remove paint films, but they do not lift paint stains very well and are not selective. The use of a solvent to remove paint will result in removal of all of the paint layers, acrylic gesso, etc.