I am working on an application that needs to retrieve and edit calendar events from Outlook.com and Office 365. I have seen there are 2 options:
To retrieve and edit calendar events from Outlook.com, Microsoft Graph API and Outlook REST API endpoints work. If you require Webhooks for an app you are planning to use in production, then you need to use Outlook REST API v2.0 endpoint. We have Webhooks available in preview on Microsoft Graph, and are working to GA them, so you can use them in your production apps in the future. If you don't need Webhooks for your app, then you can use Microsoft Graph v1.0. Both Microsoft Graph and Outlook REST API endpoints are fully supported.
Now on to why there are 2 endpoints. Outlook REST API v1.0 was launched in October 2014, and we offered an improved v2.0 version in November 2015. It has the latest greatest Outlook features exposed through APIs. Microsoft Graph v1.0 is a convenient endpoint, we launched in November 2015, for an app to access information from multiple Microsoft services, for example, Outlook, One Drive, and Azure Active Directory. In fact, when you make a request to Microsoft Graph v1.0 endpoint for any Outlook features, the request gets routed to Outlook REST API v2.0 endpoint under the covers. So the API sets are same by design!
We are working hard to close any gaps between individual service API endpoints (Outlook REST APIs, OneDrive APIs, AAD Graph API etc.) and Microsoft Graph, but there will be a small delta for two reasons.
Our recommendation is for you to use Microsoft Graph as long as it has the features/APIs you need in production to support your production apps, or at least in Preview to support app development. This makes it easy for you, in the future, to expand your app functionality requiring access to multiple Microsoft services, without changing endpoints. You can use individual service endpoints such as Outlook REST API if you need a feature that is only available in the individual service endpoint, either in production (v2.0) or as preview (beta).