You have heard of both parchment and wax paper, but you have no idea what the difference is.
Parchment paper is oven safe up to 420f. You can line cake pans, cookie sheets or whatever you want to bake with. It is a bit more expensive than waxed paper. Parchment paper can even be used to wrap and bake meats and vegetables, a process commonly called en papillote.
Wax paper must be totally covered with batter before baking. It has a much lower burning point, so if placed in the oven with out anything covering it, it can start to smoke and burn. Wax paper is typically used for lining cake pans only.