Engraving (also known as intaglio) is a process where your design is engraved onto a steel plate, resulting in a raised ink impression. The most familiar example is U.S. currency; engraving is also used for high-end stationery, invitations and business cards.
Thermography also produces a raised printing surface, but through a totally different process. Wet inked sheets are coated with a powdered polymer, then sent by conveyor belt through an oven for a few seconds, melting the polymer/ink combination to produce raised printing. Because of the uneven surface, thermography can be combined with design to produce some very attractive results at much lower cost than engraving.
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