Escape velocity :
It is the minimum velocity with which a body is must be projected vertically upwards inlrder that it may just escape the gravitational field of earth.
For example: If we throw a ball into air, it rises to a certain height and falls back. If we throw it with a greater velocity, it will never come back. This greater velocity is escape velocity.
Formula: Ve = √2GM/R
Where, M is mass of earth and R is radius of earth.
Orbital velocity :
It is the velocity required to put the satellite into its orbit around the earth.
Formula: Vo= √GM/R+h
Where,
R is radius of earth
M is mass of earth
Vo is orbital velocity
h is height of satellite above earth's surface.
R+h is orbital radius of the satellite.