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Potential evapotranspiration (<i>ET</i>_p) and reference crop evapotranspiration (<i>ET</i>_o) are two key parameters in hydrology, meteorology, and agronomy. <i>ET</i>_p and <i>ET</i>_o are related to each other but have different meanings and applications. In this study, the <i>ET</i>_p and <i>ET</i>_o were distinguished and calculated with the Penman and FAO56 PM equations using the weather data of 551 stations in China from 1961 to 2018. The differences in their spatiotemporal variations were examined with an MMK test, an R/S test, and wavelet analysis. The monthly <i>ET</i>_p and <i>ET</i>_o were close but the <i>ET</i>_p was always larger than the <i>ET</i>_o, with values ranging from 1 to 356 mm and 2 to 323 mm, respectively. Their differences varied in different months and sub-regions. The maximum monthly difference transferred from south to north and then back to the south in a yearly cycle, showing spatiotemporal heterogeneity. The annual values of the <i>ET</i>_p and <i>ET</i>_o were also close, but the <i>ET</i>_p was significantly higher than the <i>ET</i>_o. The increasing future trends of <i>ET</i>_p but decreasing trends of <i>ET</i>_o were tested at most sites in China. Although the primary periods were almost the same, their spatial distribution was slightly different. In conclusion, <i>ET</i>_p is different from <i>ET</i>_o and they should be applied carefully. This study performs a thorough comparison and reveals the underlying basis of and discrepancy between <i>ET</i>_p and <i>ET</i>_o.