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Well, let's use the right term- they are cartridges (which includes a bullet as part of the cartridge)
The 7.62 refers to bore diameter in millimeters, the second number the length of the cartridge case in millimeters. So one is 3 mm longer than the other.
However, European countries measured barrels differently than the US, and the 7.62x54 Rimmed, used by the former Soviet Union is about .312 inches, and was the standard cartridge for the Moisin-Nagant 91/30 rifle. The 7.62x51, also called 7.62 NATO, is about .308 inches, and is a rimless cartridge. That was the cartridge for the M14 rifle and M60 machine gun.
Needless to say, they do not interchange with each other.
What else can I help you with?
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