They mean different things.
If you use var the variable is declared within the scope you are in (e.g. of the function). If you don’t use var, the variable bubbles up through the layers of scope until it encounters a variable by the given name or the global object (window, if you are doing it in the browser), where it then attaches. It is then very similar to a global variable. However, it can still be deleted with delete (most likely by someone else’s code who also failed to use var). If you use var in the global scope, the variable is truly global and cannot be deleted.
This is, in my opinion, one of the most dangerous issues with javascript, and should be deprecated, or at least raise warnings over warnings. The reason is, it’s easy to forget var and have by accident a common variable name bound to the global object. This produces weird and difficult to debug behavior.