Painting changes the colour of your existing cabinets. Refacing changes the visible exterior much more completely. With painting, the door style stays exactly the same. If you have an older raised-panel door, it will still be that same door — just in a new colour. That can be a great option if the cabinets are in good shape and you still like the overall style.

Refacing goes further. It replaces the doors and drawer fronts, applies a matching finish or veneer to visible box surfaces, and gives the kitchen a more complete visual transformation.
So if you only want a colour update, painting may be enough. If you want to change both the style and the finish without replacing the full kitchen, refacing usually makes more sense.