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Often, a professor is someone who has completed at least a Master's degree, and possibly a PhD as well; they may also have tenure. An "instructor" can be anyone who has at least a Bachelor's degree (as a rule) or who is otherwise qualified to teach the subject in question. In my experience, most instructors in four-year schools are grad students who are teaching assistants/fellows; professors are people who are actually on the faculty of a college or university.
I think professors usually have PhD's and tenure, while instructors are Master's level, and on a more temporary or new contract.
pay
Pay and benefits. Professors are often full-time, instructors part-time. Both may have Masters or PhDs. Where I teach, we are all called professors.
a professor has his/her master's degree where as an instructor doesn't necessarily need a degree.
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