Huge difference.

As the name implies, a double has 2x the precision of float^[1]. In general a double has 15 decimal digits of precision, while float has 7.

Here's how the number of digits are calculated:

double has 52 mantissa bits + 1 hidden bit: log(2⁵³)÷log(10) = 15.95 digits

float has 23 mantissa bits + 1 hidden bit: log(2²⁴)÷log(10) = 7.22 digits

This precision loss could lead to greater truncation errors being accumulated when repeated calculations are done, e.g.

float a = 1.f / 81;
float b = 0;
for (int i = 0; i < 729; ++ i)
    b += a;
printf("%.7g\n", b); // prints 9.000023

while

double a = 1.0 / 81;
double b = 0;
for (int i = 0; i < 729; ++ i)
    b += a;
printf("%.15g\n", b); // prints 8.99999999999996

Also, the maximum value of float is about 3e38, but double is about 1.7e308, so using float can hit "infinity" (i.e. a special floating-point number) much more easily than double for something simple, e.g. computing the factorial of 60.

During testing, maybe a few test cases contain these huge numbers, which may cause your programs to fail if you use floats.

Of course, sometimes, even double isn't accurate enough, hence we sometimes have long double^[1] (the above example gives 9.000000000000000066 on Mac), but all floating point types suffer from round-off errors, so if precision is very important (e.g. money processing) you should use int or a fraction class.

Furthermore, don't use += to sum lots of floating point numbers, as the errors accumulate quickly. If you're using Python, use fsum. Otherwise, try to implement the Kahan summation algorithm.

^{[1]: The C and C++ standards do not specify the representation of float, double and long double. It is possible that all three are implemented as IEEE double-precision. Nevertheless, for most architectures (gcc, MSVC; x86, x64, ARM) float is indeed a IEEE single-precision floating point number (binary32), and double is a IEEE double-precision floating point number (binary64).}

Excerpt from the C99 standard, normative annex F (The C++-standard does not explicitly mention this annex, though it includes all affected functions without change per reference. Also, the types have to match for compatibility.):

IEC 60559 floating-point arithmetic

F.1 Introduction

1 This annex specifies C language support for the IEC 60559 floating-point standard. The IEC 60559 floating-point standard is specifically Binary floating-point arithmetic for microprocessor systems, second edition (IEC 60559:1989), previously designated IEC 559:1989 and as IEEE Standard for Binary Floating-Point Arithmetic (ANSI/IEEE 754−1985). IEEE Standard for Radix-Independent Floating-Point Arithmetic (ANSI/IEEE 854−1987) generalizes the binary standard to remove dependencies on radix and word length. IEC 60559 generally refers to the floating-point standard, as in IEC 60559 operation, IEC 60559 format, etc. An implementation that defines __STDC_IEC_559__ shall conform to the specifications in this annex.356) Where a binding between the C language and IEC 60559 is indicated, the IEC 60559-specified behavior is adopted by reference, unless stated otherwise. Since negative and positive infinity are representable in IEC 60559 formats, all real numbers lie within the range of representable values.

So, include <math.h> (or in C++ maybe <cmath>), and test for __STDC_IEC_559__.

If the macro is defined, not only are the types better specified (float being 32bits and double being 64bits among others), but also the behavior of builtin operators and standard-functions is more specified.
Lack of the macro does not give any guarantees.

For x86 and x86_64 (amd64), you can rely on the types float and double being IEC-60559-conformant, though functions using them and operations on them might not be.