Guest posting and link building get used interchangeably so often that a lot of business owners assume they're the same service. They're related, but not identical.
Link building is the umbrella term for any activity aimed at earning backlinks from other websites — guest posts, niche edits, resource page placements, digital PR, and more all fall under it.
Guest posting is one specific method within that umbrella: writing and publishing a full article on someone else's website, with a link back to yours placed naturally in the content.
The other major method is the niche edit, or link insertion — placing your link into an article that already exists and is already published, rather than writing something new. Niche edits often pass value faster because the surrounding content already has some age and authority.
Both methods, done manually and on genuinely relevant sites, remain effective. What doesn't work anymore — and hasn't for years — is buying links in bulk from marketplaces with no editorial standards, or building them through private blog networks. Google's link spam detection has gotten considerably better at spotting exactly that pattern, and the risk of a manual action isn't worth the short-term gain.