Microsoft Office 2016 is an Office suite that includes Microsoft Word, Excel, PowerPoint, Visual Basic for Applications, and Microsoft Query.There is a Mac version and a Windows version of Office 2016.
Office 365 is the name Microsoft gives to a subcription service. Within this service various options are available depending on what you need and want to pay for. Microsoft Office 2016 for Mac and Windows are both available within an Office 365 subscription.
You either have '365' and pay your monthly Sub' OR you can buy 2016 as a separate Software ( say £50, £70 or a £100, what ever ) and that is it, no Monthly Sub' , Zero.