msfvenom is a combination of Msfpayload and Msfencode, putting both of these tools into a single Framework instance. Note: msfvenom has replaced both msfpayload and msfencode as of June 8th, 2015.

The advantages of msfvenom are:

  • One single tool
  • Standardized command line options
  • Increased speed

More information:

https://www.offensive-security.com/metasploit-unleashed/msfvenom/