A myth is a story based on tradition or legend, which has a deep symbolic meaning. A myth 'conveys a truth' to those who tell it and hear it, rather than necessarily recording a true event. Although some myths can be accounts of actual events, they have become transformed by symbolic meaning or shifted in time or place. Myths are often used to explain universal and local beginnings and involve supernatural beings. The great power of the meaning of these stories, to the culture in which they developed, is a major reason why they survive as long as they do - sometimes for thousands of years.
Mythology is the body of myths from a particular culture, such as Greek, Mesopotamian, Egyptian, or Norse. Although myths convey exciting stories about gods and heroes, they are not equivalent to "stories" either in the modern sense of a deliberate fiction or the traditional sense of a folk tale or tall story. Rather, myths are traditional narratives that are passed down through various textual and visual sources and convey commonly held beliefs in a particular society about natural phenomena, historical events, and proper behavior.
A legend is a semi-true story, which has been passed on from person-to-person and has important meaning or symbolism for the culture in which it originates. A legend usually includes an element of truth, or is based on historic facts, but with 'mythical qualities'. Legends usually involve heroic characters or fantastic places and often encompass the spiritual beliefs of the culture in which they originate.