What is Priority and Severity?

Priority:-
(i) How important to fix the Bug in the Product/Software.
(ii) Priority is the level which determines which bug needs to be fixed first...whether it is of priority high(first) or can it be resolved(not fixed in this release) or can it wait(low level).
(iii) It is usually determined by the developing team or the manager.
(iv) Priority defines the importance of defect from the customer’s point of view.

Severity:-
(i) How badly affect the Bug in the software.
(ii) Severity is the one which states how bad or critical the Bug is.
(iii) It is usually reported by the tester to the developing team.
(iv) Severity defines the importance of defect with respective to functional point of view.