REST stands for representational state transfer whereas SOAP stands for Simple Object Access Protocol.
SOAP defines its own security where as REST inherits security from the underlying transport.
SOAP does not support error handling, but REST has built-in error handling.
REST is lightweight and does not require XML parsing. REST can be consumed by any client, even a web browser with Ajax and JavaScript. REST consumes less bandwidth, it does not require a SOAP header for every message.