Conquest is the act of taking over territory. You can conquer land and turn it into a colony. I assume though you mean wars of annexation. When a country annexes a territory it becomes part of the country that is directly controlled by it as its own territory.
Colonisation originally means establishing colonies, basically settling land with your people. But colonies in the modern sense means taking over territories but not directly annexing them, instead creating separate government’s and entities to manage the new territory or just using existing structures to control it indirectly.
Basically when you annex a territory you make it part of your country and rule it just as another part of your country while with colonies you take over control of a territory so that you can exploit it without making it a part of your country.
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