There are quite a few differences between Oxford and Derby shoes. One of the biggest differences is that the Oxford shoes have a wingtip on the toe piece, while Derby does not have the wingtip. If you’re going by wingtip alone, that’s a good way to figure it out.
Other major difference between the two styles, taken from Robinson’s Shoes, is that the Oxford has a seam across the bottom of the lacing area while the Derby, again, does not have that. It looks more like the top of the shoe has come together and is left there. Derby shoes are meant to be a more casual shoe, but with all the different kinds of ways of making shoes, the Oxfords can be casual or dressy nowadays.
Oxford shoes and Derby shoes are both formal lace-up styles. However, Derby shoes have open lacing, open facing at the bottom. The eyelet facing is sewn on the top of the vamp.
They're consequently a little more adaptable to a range of male clothing. The Oxford shoe is generally considered more elegant and dressy. It can only be opened in a V shape when unlaced.