Both can be either a noun or a verb.
‘The flowers are in full bloom’. [noun]
‘Look at the cherry blossom ! ‘ [noun]
‘Just wait until these flowers start to bloom’ [verb]
‘These trees will be blossoming soon’ [verb]
Both words are also used metaphorically to refer to people.
‘She’s really blossomed since she started school’
meaning that her personality has developed well and she displays confidence.
‘She’ll be dressed in full bloom for the party’
The expression ‘in full bloom’ means that, like flowers or a tree, she is displaying her finest appearance.