Placental-derived allografts are a regenerative technology often used as a protective barrier for tissues and a wound covering to promote wound healing in a variety of wound types. The allografts are derived from human placenta, which consists of the amnion and chorion layers. The innermost layer of the placenta, the amnion, natively functions as a strong protective barrier with anti-inflammatory, anti-bacterial, and angiogenic roles for the developing fetus. The chorion, which directly contacts and maintains communication at the fetal-maternal barrier, is rich in growth factors and cytokines which are implicated in angiogenic signaling, inflammatory regulation, and homeostasis. Placental-derived allografts are commonly formulated as either amnion-only or amnion and chorion containing allografts. Because these tissues have distinct native functions and compositions, understanding the underlying biology and mechanisms of each allograft is important for realizing their full clinical potential. Amnion-only allografts are generally thinner, and contain fewer angiogenic, inflammatory, and immunologic signaling factors. Amnion/chorion allografts contain more cytokines and growth factors, which can influence various healing mechanisms. Overall, both amnion and amnion/chorion allografts are a useful adjunct in treating various tissues and complex chronic wounds. Recognizing the differences and similarities between amnion and amnion/chorion allografts is crucial for providers to make informed decisions for their patients.