Many people have already explained about import vs from, so I want to try to explain a bit more under the hood, where the actual difference lies.

First of all, let me explain exactly what the basic import statements do.

import X

Imports the module X, and creates a reference to that module in the current namespace. Then you need to define completed module path to access a particular attribute or method from inside the module (e.g.: X.name or X.attribute)

from X import *

Imports the module X, and creates references to all public objects defined by that module in the current namespace (that is, everything that doesn’t have a name starting with _) or whatever name you mentioned.

Or, in other words, after you've run this statement, you can simply use a plain (unqualified) name to refer to things defined in module X. But X itself is not defined, so X.name doesn't work. And if name was already defined, it is replaced by the new version. And if name in X is changed to point to some other object, your module won’t notice.

This makes all names from the module available in the local namespace.

Now let's see what happens when we do import X.Y:

>>> import sys
>>> import os.path

Check sys.modules with name os and os.path:

>>> sys.modules['os']
<module 'os' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/os.pyc'>
>>> sys.modules['os.path']
<module 'posixpath' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>

Check globals() and locals() namespace dict with name os and os.path:

 >>> globals()['os']
<module 'os' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/os.pyc'>
>>> locals()['os']
<module 'os' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/os.pyc'>
>>> globals()['os.path']
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
KeyError: 'os.path'
>>>    

From the above example, we found that only os is added to the local and global namespaces. So, we should be able to use os:

 >>> os
 <module 'os' from     
  '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/os.pyc'>
 >>> os.path
 <module 'posixpath' from      
 '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>
 >>>

…but not path:

>>> path
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
NameError: name 'path' is not defined 
>>>

Once you delete the os from locals() namespace, you won't be able to access either os or os.path, even though they do exist in sys.modules:

>>> del locals()['os']
>>> os
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
NameError: name 'os' is not defined
>>> os.path
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
NameError: name 'os' is not defined
>>>

Now let's look at from.

from

>>> import sys
>>> from os import path

Check sys.modules with name os and os.path:

>>> sys.modules['os']
<module 'os' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/os.pyc'>
>>> sys.modules['os.path']
<module 'posixpath' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>

So sys.modules looks the same as it did when we imported using import name.

Okay. Let's check what it the locals() and globals() namespace dicts look like:

>>> globals()['path']
<module 'posixpath' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>
>>> locals()['path']
<module 'posixpath' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>
>>> globals()['os']
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
KeyError: 'os'
>>>

You can access by using path, but not by os.path:

>>> path
<module 'posixpath' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>
>>> os.path
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
NameError: name 'os' is not defined
>>>
 

Let's delete 'path' from locals():

>>> del locals()['path']
>>> path
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
NameError: name 'path' is not defined
>>>

One final example using aliasing:

>>> from os import path as HELL_BOY
>>> locals()['HELL_BOY']
<module 'posixpath' from '/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>
>>> globals()['HELL_BOY']
<module 'posixpath' from /System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/posixpath.pyc'>
>>>

And no path defined:

>>> globals()['path']
Traceback (most recent call last):
 File "<stdin>", line 1, in <module>
KeyError: 'path'
>>>

One pitfall about using from

When you import the same name from two different modules:

>>> import sys
>>> from os import stat
>>> locals()['stat']
<built-in function stat>
>>>
>>> stat
<built-in function stat>

Import stat from shutil again:

>>>
>>> from shutil import stat
>>> locals()['stat']
<module 'stat' from 
'/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/stat.pyc'>
>>> stat
<module 'stat' from 
'/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/stat.pyc'>
>>>

THE LAST IMPORT WILL WIN