Cache consists of temporary copies of website images, scripts, stylesheets, and other files that your browser saves to your hard drive so websites load faster on repeat visits. Cache files can grow to several gigabytes over time. Cleaning them is always safe -- websites will just load slightly slower on your next visit while the cache rebuilds.
History is the list of websites you have visited, including the URL, page title, and the date and time of each visit. Cleaning history removes this list. Websites will still work normally, but you will lose the ability to see where you have been or use history-based suggestions in the address bar.
Cache is rated Safe and selected by default. History is rated Caution and is off by default. You can clean one without the other.