Severity defines, seriousness of defectes with respect to 
functional point view.
Priority defines, importance of defects with customer point 
of view.

Severity means how serious the bug is 

Priority means which bug needs to be fixed first , Priority 
will be given by the test manager

Severity means the seriouness of the bug with respect to 
functionality.
whereas priority means the seriousness of the bug with 
respect to customer.

“Priority” is associated with scheduling,
that mean which bug is going to be fixed first,like this
scheduling the bugs according to the seriousness of the bugs.

“severity” is associated with standards,
describes the seriousness or impact of the bug,that mean how
the bug may affect the application,
Types of severity:
Blocker: No further testing work can be done.
Critical: Application crash, Loss of data.
Major: Major loss of function.
Minor: minor loss of function.
cosmetic: Some UI enhancements.

seviority is the importence of the defect interms of 
functionality
priority is the importence the defect or bug interms of 
customer requirment

Severity means how much serious will take about the bug 
based on our functionality 
priority means how the defect will efect the customer 
expectations

Severity is the impact of the bug in an application and 
priority is the rate at which we fix the bug.

Eg high severity and low priority

spelling mistakes

"Yahoo" in the home page is mis spelled as yhaoo