What is the difference between Parent and Owner?

Parent is the Window control where the control is displayed. Owner is the component responsible for making sure it's destroyed.

When a component is created, an owner (which is another component) is specified as a parameter to the Create method. Unless the component is destroyed earlier, the owner will automatically free the component when the owner is destroyed. This is the purpose of ownership.

Controls that appear on the screen need to know where to paint themselves, hence the parent property. It specifies the visual container for the control. This property must be specified before a control can be displayed.

When a component is dropped on a form at design time, the owner is the form and the parent is the container on which it is dropped. For example, drop a group box on a form. Its owner and parent are both the form. Drop a check box on the group box. Its owner is the form and its parent is the group box.

The specification of owner and parent are at the programmer's discretion when controls are created dynamically and so the above relationships may not hold. This is especially true with composite components. With run-time creation of controls, the programmer may specify any component to be an owner (including a nil owner) and any window control as the parent. If a nil owner is specified, the programmer is responsible for explicitly freeing the object.