Internet has become major need of every person. It provides information in a single click, cost effective way of communication with the outside world, gigantic library, social networking, feeds and blogs, satellite TV and business. World has become a global village because of internet. WiMAX is one of the most promising and innovating technology which supports high speed data and multimedia applications like VoIP, Satellite TV and video conferencing. The demand for enlarged coverage and high speed internet made WiMAX services still inadequate to the users. WiMAX Release 2 or WiMAX 2 is 4G technology built on IEEE 802.16m specification that will provide high bandwidth for VoIP and peak download rate up to 300Mbps which is more than double the current WiMAX . This work enlightens features and comparison of WiMAX and WiMAX 2 with respect to different handover schemes, network architecture, bandwidth, spectral efficiency and sector size throughput. Result shows that the WiMAX 2 is similar to WiMAX but with increased bandwidth, 4.5% better spectral efficiency and 28/54 Mbps Sector/site throughput.