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I've seen both used interchangebly but do they really mean the same? From my understanding, Polymorphism stretches the fact that you could exchange an instance of a class by an instance of a subclass, and Late Binding means that when you call a method of an instance, the type decides which method (subclass/superclass) gets called.

helpermethod
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    It should be noted that polymorphism is not limited to inheritance hierarchies -- two unrelated classes that implement a common interface can be used polymorphically. – Jay Sep 08 '10 at 18:33

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Wikipedia has a very nice article about this:

http://en.wikipedia.org/wiki/Polymorphism_in_object-oriented_programming

Summary: Late binding is a way to implement polymorphism.

meriton
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    Downvoted because of the lack of an answer ON StackOverflow and average (at best) quality of the linked material. If you summarize the article on SO I will gladly remove my downvote. – KyleM Feb 18 '14 at 14:06