Inheritance and polymorphism are really just two ways of looking at the same class relationship. Inheritance is looking at the class hierarchy from the bottom up. A subclass inherits behaviors and attributes from its superclass. A subclass automatically possesses certain behaviors and/or attributes simply because it is classified as being a subclass of an entity that possesses those behaviors and/or attributes.
Inheritance is useful from a code reuse perspective. Any (non-private) code in the superclass does not have to be replicated in any of the subclasses because they will automatically inherit those behaviors and attributes. However, one must be very careful when transferring common code from the subclasses to the superclass, as the proper abstraction represented by the superclass may be broken.
Polymorphism, on the other hand, is looking at the class hierarchy from the top down. Any subclass can be used anywhere the superclass is needed because the subclasses are all abstractly equivalent to the superclass. Different behaviors may arise because the subclasses may all have different implementations of the abstract behaviors defined in the superclass.
Polymorphism is arguably the more useful perspective in an object-oriented programming paradigm. Polymorphism describes how an entity of a lower abstraction level can be substituted for an entity of a higher abstraction level and in the process, change the overall behavior of the original system. This will be the cornerstone that enables us to build OO systems that are flexible, extensible, robust and correct.
