维基百科上有很好的章节介绍了它们的区别。

Linked lists have several advantages over arrays. Elements can be inserted into linked lists indefinitely, while an array will eventually either fill up or need to be resized, an expensive operation that may not even be possible if memory is fragmented. Similarly, an array from which many elements are removed may become wastefully empty or need to be made smaller. On the other hand, arrays allow random access, while linked lists allow only sequential access to elements. Singly-linked lists, in fact, can only be traversed in one direction. This makes linked lists unsuitable for applications where it's useful to look up an element by its index quickly, such as heapsort. Sequential access on arrays is also faster than on linked lists on many machines due to locality of reference and data caches. Linked lists receive almost no benefit from the cache. Another disadvantage of linked lists is the extra storage needed for references, which often makes them impractical for lists of small data items such as characters or boolean values. It can also be slow, and with a naïve allocator, wasteful, to allocate memory separately for each new element, a problem generally solved using memory pools.

http://en.wikipedia.org/wiki/Linked_list

A widely unappreciated argument for ArrayList and against LinkedList is that LinkedLists are uncomfortable while debugging. The time spent by maintenance developers to understand the program, e.g. to find bugs, increases and IMHO does sometimes not justify the nanoseconds in performance improvements or bytes in memory consumption in enterprise applicatons. Sometimes (well, of course it depends on the type of applications), it's better to waste a few bytes but have an application which is more maintainable or easier to understand.

例如，在Java环境中，使用Eclipse调试器，调试ArrayList将显示一个非常容易理解的结构:

arrayList   ArrayList<String>
  elementData   Object[]
    [0] Object  "Foo"
    [1] Object  "Foo"
    [2] Object  "Foo"
    [3] Object  "Foo"
    [4] Object  "Foo"
    ...

另一方面，查看LinkedList的内容并找到特定的对象变成了一个展开树的噩梦，更不用说过滤LinkedList内部信息所需的认知开销:

linkedList  LinkedList<String>
    header  LinkedList$Entry<E>
        element E
        next    LinkedList$Entry<E>
            element E   "Foo"
            next    LinkedList$Entry<E>
                element E   "Foo"
                next    LinkedList$Entry<E>
                    element E   "Foo"
                    next    LinkedList$Entry<E>
                    previous    LinkedList$Entry<E>
                    ...
                previous    LinkedList$Entry<E>
            previous    LinkedList$Entry<E>
        previous    LinkedList$Entry<E>

合并两个链表(特别是两个双链表)比合并两个数组快得多(假设合并是破坏性的)。前者取O(1)，后者取O(n)。

编辑:澄清一下，我在这里指的是无序意义上的“合并”，而不是归并排序。也许"串联"这个词更合适。

除了在列表中间进行添加和删除之外，我更喜欢链表，因为它们可以动态地增长和收缩。

我也认为链表比数组更好。 因为我们在链表中做遍历，而不是在数组中

Arrays make sense where the exact number of items will be known, and where searching by index makes sense. For example, if I wanted to store the exact state of my video output at a given moment without compression I would probably use an array of size [1024][768]. This will provide me with exactly what I need, and a list would be much, much slower to get the value of a given pixel. In places where an array does not make sense there are generally better data types than a list to deal with data effectively.