The bleaching power of chlorine bleach is much stronger than oxygen bleach (commonly known as hydrogen peroxide) and can damage many fibres such as cotton and wool very quickly. Hydrogen peroxide is not as strong and can be less damaging to fibres.
Both kill most bacteria. Both are used to brighten whites in laundry. Both are used to clean hard surfaces.
Chlorine bleach is more stable than hydrogen peroxide so it will last much longer in its original bottle, whereas hydrogen peroxide will start turning into plain water sooner in its container.
In the carpet and upholstery cleaning world, we don’t use chlorine bleach because in strong dilutions it will dissolve wool and degrade cotton very quickly. Also, chlorine bleach can pull the colour right out of the hardiest synthetic carpets. Hydrogen peroxide (3.5-7%) is usually quite safe for most fibres, but should still be used cautiously on wool and natural fibres. Chlorine bleach can be found in any grocery store whereas hydrogen peroxide is usually obtained at a janitorial supply store.
USE BOTH WITH CAUTION! You should always wear gloves and eye protection when using either product. Remember if you add ammonia to chlorine bleach it will become chlorine gas which will kill you if you breath it in.
Hydrogen peroxide is less stable and not as strong as chlorine bleach, however it is possibly a safer choice in many situations for cleaning.