Differences between Html.TextboxFor and Html.EditorFor in MVC and Razor

The advantages of EditorFor is that your code is not tied to an <input type="text". So if you decide to change something to the aspect of how your textboxes are rendered like wrapping them in a div you could simply write a custom editor template (~/Views/Shared/EditorTemplates/string.cshtml) and all your textboxes in your application will automatically benefit from this change whereas if you have hardcoded Html.TextBoxFor you will have to modify it everywhere. You could also use Data Annotations to control the way this is rendered.

TextBoxFor: It will render like text input html element corresponding to specified expression. In simple word it will always render like an input textbox irrespective datatype of the property which is getting bind with the control.

EditorFor: This control is bit smart. It renders HTML markup based on the datatype of the property. E.g. suppose there is a boolean property in model. To render this property in the view as a checkbox either we can use CheckBoxFor or EditorFor. Both will be generate the same markup.

What is the advantage of using EditorFor?

As we know, depending on the datatype of the property it generates the html markup. So suppose tomorrow if we change the datatype of property in the model, no need to change anything in the view. EditorFor control will change the html markup automatically.

The Html.TextboxFor always creates a textbox (<input type="text" ...).

While the EditorFor looks at the type and meta information, and can render another control or a template you supply.

For example for DateTime properties you can create a template that uses the jQuery DatePicker.

This is one of the basic differences not mentioned in previous comments:
Readonly property will work with textbox for and it will not work with EditorFor.

@Html.TextBoxFor(model => model.DateSoldOn, new { @readonly = "readonly" })

Above code works, where as with following you can't make control to readonly.

@Html.EditorFor(model => model.DateSoldOn, new { @readonly = "readonly" })

There is also a slight difference in the html output for a string data type.

Html.EditorFor:  
<input id="Contact_FirstName" class="text-box single-line" type="text" value="Greg" name="Contact.FirstName">

Html.TextBoxFor:
<input id="Contact_FirstName" type="text" value="Greg" name="Contact.FirstName">