Files with .PST extension represent Outlook Personal Storage Files (also called Personal Storage Table) that store variety of user information. User information is stored in folders of different types that include emails, calendar items, notes, contacts, and several other file formats. PST files are used for archiving emailing data offline that can be later loaded and viewed in various applications.
XLSB file format specifies the Excel Binary File Format, which is a collection of records and structures that specify Excel workbook content. The content can include unstructured or semi-structured tables of numbers, text, or both numbers and text, formulas, external data connections, charts and images. Unlike XLSX (which is based on Open XML file format), the XLSB represents binary Excel workbook file.
You can also convert PST into many other file formats. Please see the complete list below.