Seller Central is a marketplace model — you sell to consumers directly through Amazon's platform. You control pricing, manage inventory, and pay fulfillment fees. Vendor Central means Amazon buys inventory from you wholesale and resells it.
Fulfillment under Seller Central uses FBA, where you send inventory to Amazon FCs and pay per unit sold plus storage fees. Under Vendor Central, Amazon controls pricing and reorders on their own schedule.
FBA prep requirements apply in both models, but Vendor Central has additional EDI and purchase order compliance requirements. The labeling, carton, and pallet specs can differ between the two.
For most independent brands, Seller Central provides more control. Vendor Central is typically offered by Amazon invitation and works better for established brands with predictable high-volume product lines.