In the context of computer operating systems, a volume or logical drive is a single accessible storage area with a single file system, typically (though not necessarily) resident on a single partition of a hard disk. Although a volume might be different from a physical disk drive, it can still be accessed with an operating system's logical interface. However, a volume differs from a partition.
A volume is not the same thing as a partition. For example, a floppy disk might be accessible as a volume, even though it does not contain a partition, as floppy disks cannot be partitioned with most modern computer software. Also, an OS can recognize a partition without recognizing any volume associated with it, as when the OS cannot interpret the filesystem stored there. This situation occurs, for example, when Windows NT-based OSes encounter disks with non-Microsoft OS partitions, such as the ext3 filesystem commonly used with Linux. Another example occurs in the Intel world with the "Extended Partition". While these are partitions, they cannot contain a filesystem directly. Instead, "logical drives" (aka volumes) must be created within them. This is also the case with NetWare volumes residing inside of a single partition. In short, volumes exist at the logical OS level, and partitions exist at the physical, media specific level. Sometimes there is a one-to-one correspondence, but this is not guaranteed.
In Microsoft Windows Server 2008 and onward the term "volume" is used as a superset that includes "partition" as well.
It isn't uncommon to see a volume packed into a single file. Examples include ISO9660 disc images (CD/DVD images, commonly called "ISOs"), and installer volumes for Mac OS X (DMGs). As these volumes are files which reside within another volume, they certainly are not partitions.
This example concerns a Windows XP system with two physical hard disks. The first hard disk has two partitions, the second has only one. The first partition of the first hard disk contains the operating system. Mount points have been left at defaults.