Whitelist: 

Only IP ranges or addresses that are included in the whitelist are allowed to use your network traffic. This means that only the IP ranges or addresses in the whitelist can communicate with your system or service using the network traffic,other IP ranges or addresses that are not included in the whitelist will be blocked or denied access. The purpose of the whitelist is to ensure that only authorized or trusted IP ranges can communicate with your system.

Blacklist:

Only traffic from IP ranges outside the blacklist is allowed. IP ranges listed in the blacklist will be blocked or denied access, while other IP ranges not listed in the blacklist can use the network traffic normally. The purpose of the blacklist is to block or restrict IP ranges that are considered unwanted or undesirable to communicate with your system or service, such as malicious attackers, spam senders, or other potential threat sources.