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We have My sites in SharePoint on Premise and One drive for business (ODFB) in SharePoint online. Are they same or is there any difference exists. If so, what is the differences between them.

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Basic Diff:

One drive: Easily store and access your files from all your devices. Edits you make offline are automatically uploaded next time you connect.

it is similar to google drive, Dropbox in many ways.

My sites: My Sites give users rich social networking and collaboration features, which enable users to explore and share interests, projects, business relationships, content, and other data with people in the organization.

in easy words, we can say it behave like social networking site within an organization/intranet.

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My Site is user's specific workspace where individuals can configured and view own favorites items and he can easily follow. For example user can follow the Blog, Newsfeed, Sites and Apps

One drive for business is more around document management side with some enterprise features like Version control, tracking, external sharing, sync on local machine, integration with outlook attachments and more

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To some extent, OneDrive for Business has been sold as a replacement to My Sites .

Mysite in on-premise SharePoint , users can post to the newsfeed; either publicly or to the newsfeed on team sites, and share information, who they are following, etc. with colleagues . It also have mentions feature .

OneDrive for Business is your own personal document library ,You store your files and only you can see them, unless you want to share them with colleagues. The user sets up permissions for viewing or editing the document or folder and sends an email to inform people that it has been shared with them. But the OneDrive for Business library is managed by the organization and is available with either Office 365 or SharePoint. This means users can share content in the library only with colleagues in the organization, and with invited guests outside of the organization if they’re logged into Office 365.

https://social.technet.microsoft.com/Forums/WINDOWS/en-US/94087756-495e-46ee-9c71-e789af6c993c/mysites-vs-one-drive-for-business?forum=onlineservicessharepoint

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