Processed Cheese and Real Cheese are pretty similar to each other but the difference is the way that the two cheeses are made.
Processed cheese contain emulsifiers and whey in the processed cheese and the emulsifiers that processed cheese contains helps the fatty and non fatty ingredients stay mixed together.
Real Cheese has the whey pressed out of it and does not contain any emulsifiers to keep the ingredients mixed together.
Real cheese also tastes much better and is more healthier for you than processed cheese is too.