Woodcuts had existed for over 1300 years by the time wood engraving developed in the 16th century. And it was another century before wood engraving achieved any sort of prominence.
Wood engraving allows an artist to achieve much finer detail than is possible with woodcuts.
Wood engraving is a relief printing technique, where the end grain of wood is used as a medium.
Differs from the older technique of woodcut, where the softer side grain is used.