A physical property is one that substance displays without changing its composition. These include properties such as state, color, odor or appearance. In a physical change, the the properites of the atoms/molecules remain the same.
A chemical property on the other hand is one that a substance shows only by changing its chemical composition through a chemical change. Such properties include corrosiveness, flammability, toxicity and acidity. In a chemical change, the properties of the atoms/molecules lose their identity.