BB cream stands for 'beauty balm' or 'blemish balm', and CC cream is 'color correcting', so as you can probably tell from that distinction alone, the products have separate functions. Both conceal, but CC cream will neutralize red, sallow, or blue tones as well as conceal and/or fade hyper-pigmentation. CC cream is popular for school picture days, weddings, and any other time people will be photographing you, hence products like Smashbox Camera Ready CC Cream and Cargo HD Picture Perfect CC Cream. For daily use, though, LORAC CC Cream is probably your best bet.
BB cream, on the other hand, is basically a tinted moisturizer that probably also contains some acne-fighting or anti-aging ingredients. There are so many on the market now, but Shiseido Perfect Hydrating BB Cream is still one of the earliest and best. We also love Dr. Brant Flexitone BB Cream because you don't need an exact skin tone match to wear it. And for a good basic with sunscreen, the Bobbi Brown BB Cream SPF 35 is a tried and true option as well.