The Eight-fold Path is a reference to one of the central practices of Buddhism to develop:
1. Right view
2. Right intention
3. Right speech
4. Right action
5. Right livelihood
6. Right effort
7. Right mindfulness
8. Right concentration
It is the general consensus of all Buddhist schools that this can best be attained by daily practice.
"The Way" is a Mahayana equivalent of the "Dharma". Dharma originally meant "law" or "teaching" and refers to the Buddhist teachings. It was translated into Chinese using the word Dao (lent from Daoism) which besides these meanings also can be translated as "path" or "way".