What is the difference between paraphrasing and summarizing?

Paraphrasing means rewording; it means rewriting something (written or spoken) in different words aiming to express the meaning of (something), and achieve greater clarification.

Summarising on the other hand focuses on giving a brief statement of the main points of (something), which may also require rephrasing.

Paraphrasing is saying something in different words, summarising is making a summary (a shortened, condensed version) out of it.