Permanent magnet: A permanent magnet is an object made from a material that is magnetized and creates its own persistent magnetic field. As the name suggests, a permanent magnet is 'permanent'. This means that it always has a magnetic field and will display a magnetic behavior at all times.
Electromagnet: An electromagnet is an object having a coil of wire wrapped around a core of ferromagnetic material like steel, which acts as a magnet when an electric current passes through the coil. If the current is interrupted, the magnetism is lost.