Polymorphism is an effect of inheritance. It can only happen in classes that extend one another. It allows you to call methods of a class without knowing the exact type of the class. Also, polymorphism does happen at run time.
For example, Java polymorphism example:
Inheritance lets derived classes share interfaces and code of their base classes. It happens at compile time.
For example, All Classes in the Java Platform are Descendants of Object (image courtesy Oracle):
To learn more about Java inheritance and Java polymorphism