Dear Student,
Corrosion is the phenomenon of formation of metal oxide when exposed to moist air. Rust is iron oxide and corrosion occurs in the presence of moisture. This only happens with object when exposed to humid air which is filled with moisture, it forms Fe2O3 . xH2O.
This reddish brown substance formed on the surface of iron is flaky and is called rust. When rust is formed,the metal reduces, furrows, and holes are formed on its surface as though the metal has been eaten away.
Regards.