Overview:
There are multiple ways to create forms to add, update and delete records in lightning like
- force:recordData(Lightning Data services),
- lightning:recordEditForm and
- lightning:recordForm.
The functionality of these components is basically the same i.e. to create a layout form to create or update a record. In addition, which component to use in a particular situation depends upon the scenario and the preference of the developer.
Below are some of the differences:

Refer to links to know more about force:recordData, lightning:recordEditForm and lightning:recordForm .