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LIKE and = are different operators. Most answers here focus on the wildcard support, which is not the only difference between these operators!

= is a comparison operator that operates on numbers and strings. When comparing strings, the comparison operator compares whole strings.

LIKE is a string operator that compares character by character.

To complicate matters, both operators use a collation which can have important effects on the result of the comparison.

Let us first identify an example where these operators produce obviously different results. Allow me to quote from the MySQL manual:

Please note that this page of the MySQL manual is called String Comparison Functions, and = is not discussed, which implies that = is not strictly a string comparison function.

The SQL Standard § 8.2 describes how = compares strings:

(Emphasis added.)

What does this mean? It means that when comparing strings, the = operator is just a thin wrapper around the current collation. A collation is a library that has various rules for comparing strings. Here is an example of a binary collation from MySQL:

This particular collation happens to compare byte-by-byte (which is why it's called "binary" — it doesn't give any special meaning to strings). Other collations may provide more advanced comparisons.

For example, here is a UTF-8 collation that supports case-insensitive comparisons. The code is too long to paste here, but go to that link and read the body of my_strnncollsp_utf8mb4(). This collation can process multiple bytes at a time and it can apply various transforms (such as case insensitive comparison). The = operator is completely abstracted from the vagaries of the collation.

The SQL Standard § 8.5 describes how LIKE compares strings:

(Emphasis added.)

This is pretty wordy, so let's break it down. Items ii and iii refer to the wildcards _ and %, respectively. If P does not contain any wildcards, then only item iv applies. This is the case of interest posed by the OP.

In this case, it compares each "substring" (individual characters) in M against each substring in P using the current collation.

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