Ōṁ (Aum)) is the seed mantra in all Vedic scriptures.As the essence of the Absolute, it is the basic tool for meditation in the yogic path to liberation.
Nowadays, among the most well-known mantras accross the world is the Vedic Maha Mantra, Hare Krsna Hare Krsna, Krsna Krsna Hare Hare, Hare Rama Hare Rama, Rama Rama Hare Hare. It translates as "O Divine Couple, kindly let me serve You with love and devotion." Originally found in the Kalisantarana Upanishad, this prayer is said to be most suited for the current "age of quarrel and hypocrisy (Kali-yuga)."
Another famous mantra is Om Mani Pädme Hum, arguably the most famous buddhist mantra. It is said to contain the essence of Tibetan and East Asian Buddhism. Originating from its Mahayana branch it is widely chanted by laypersons and monastics alike, and copied on prayer wheels.
In Japan the sacred phrase Nam Myōhō Renge Kyō (南無妙法蓮華経). One meaning is, "Devotion to the Mystic Dharma of the Lotus Flower Sutra". The Lotus Sūtra is arguably the most famous Buddhist text in both China and Japan.
Reformer Nichiren (1222–1282) advocated this mantra as the sole means of salvation in the degenerate age of the Final Dharma.
While meditation consists in fixing the mind on a sound, a flame, or a vision, prayer it makes no appeal. It consists in carefully disregarding thoughts as they enter the mind while focusing exclusively on the pure sound. This focus produces an altered state of awareness where the notion of time changes, and where you experience a sense of grace, or trance.
2. Prayer
Unlike meditation, prayer expresses a wish, a request, an appeal. You pray "for" something. Or "for" someone (favorably). Praying for your own sake is also quite common. Whether for healing or for success, for assistance or for protection, prayer voices your dependance on a higher power than yourslelf. It is an act of humility and surrender.