Can anyone tell me what is the difference between wave period and wave frequency?

They are reciprocals of each other.

Period . . . . . . how long one of them takes.
Frequency . . . how often one of them happens.

This means that for the same wave or event,

(period) x (frequency) = 1 .

Examples:

Period . . . . . . 1 second
Frequency . . . 1 per second

Period . . . . . . 1/2 second
Frequency . . . 2 per second

Period . . . . . . 1 hour
Frequency . . . 24 per day

Period . . . . . . 1 minute
Frequency . . . 1/60 per second

Period . . . . . . 1 day
Frequency . . . 7 per week

Note: 
In Physics, especially in electrical stuff, the most common 
unit used for frequency is "per second"; so that unit is
given its own name:  "Hertz", Hz .

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