Oracle JDK was previously called SUN JDK and that was before the takeover by Oracle. Earlier, it was the official proprietary implementation of the Java language. After the takeover it was named as Oracle JDK and Oracle’s team maintains the JDK.
OpenJDK is an open source implementation of the Java Standard Edition platform with contribution from Oracle and open Java community.
Actually, Oracle JDK’s build process builds from OpenJDK source code. So there is no major technical difference between Oracle JDK and OpenJDK.
Apart from the base code, Oracle JDK includes, Oracle’s implementation of Java Plugin and Java WebStart. Also includes third party closed source and open source components like graphics rasterizer and Rhino respectively.
How Oracle JDK and OpenJDK is kept in Sync:
All of the development and bug fixes happens in OpenJDK and then they are propagated to the Oracle JDK. Security fixes happens in private forest without public code reviews unlike general fixes, then they are pushed to Oracle JDK and then to OpenJDK.
more on http://javapapers.com/java/oracle-jdk-vs-openjdk-and-java-jdk-development-process/