Both beard oil and beard balm products are great, but if you want to give your beard added care and nourishment, it's likely you should be using both. Not just one or the other.
Beard oil is a liquid and does a great job of getting down to the skin beneath your beard. It's a great product to start with when you first start growing a beard. It's going to reduce itch, flakes and help promote healthy growth.
Beard balm has a little beeswax, butters and other ingredients that will coat your hair and condition it longer throughout the day. Ingredients like these aren't found in beard oil and this is what allows a balm to help you style and shape your beard. It helps to tame flyaway hairs. As you grow a longer thicker beard, you're probably going to want to add a balm to your beard care routine. It will soften your hair like crazy and have you looking and feeling great.