Caulk is a waterproof filler and sealant, used in building work and repairs. Painter's Putty is typically a linseed oil-based product used for filling holes, minor cracks and defacements in wood only. Sealant material used for sealing something so as to make it airtight or watertight.
Putty is a generic term for a material with high plasticity, similar in texture to clay or dough, typically used in domestic construction and repair as a sealant or filler.