1.A NULL value represents the absence of a value for a record in a field (others softwares call it also a missing value).
2.An empty value is a "field-formatted" value with no significant data in it.
3.NULL isn't allocated any memory, the string with NUll value is just a pointer which is pointing to nowhere in memory. however, Empty IS allocated to a memory location, although the value stored in the memory is "".
4.Null has no bounds, it can be used for string, integer, date, etc. fields in a database. Empty string is just regarding a string; it's a string like 'asdfasdf' is, but is just has no length. If you have no value for a field, use null, not an empty string.
5.Null is the database's determination of an absense of a value logically, so to speak. You can query like: where FIELD_NAME is NULL