Understanding the reason for the observed accelerated expansion of the Universe represents one of the fundamental open questions in physics. In cosmology, a classification has emerged among physical models for the acceleration, distinguishing between Dark Energy and Modified Gravity. In this review, we give a brief overview of models in both categories as well as their phenomenology and characteristic observable signatures in cosmology. We also introduce a rigorous distinction between Dark Energy and Modified Gravity based on the strong and weak equivalence principles.