Office Home and Student 2016 includes Word, Excel, PowerPoint, and OneNote. It does not include OneDrive or Skype (included with Office 365 versions) and is licensed for only one PC and only for home use.
Office Professional 2016 is also a one-time purchase, but it includes all the Office apps (adding Publisher, Outlook, and Access), plus OneDrive. See
https://www.microsoft.com/en-us/p/office-professional-2016/cfq7ttc0k5f8?activetab=pivot%3aoverviewtab, which also offers a comparison of Office 2016 and Office 365.
Office 365 is available only by subscription but includes all the Office apps (adding Publisher, Outlook, and Access), plus OneDrive and Skype, and can be installed on up to five PCs/Macs, five tablets, and five phones (see
https://www.microsoft.com/en-us/store/b/office?activetab=tab:homeorpersonal).