There is no difference between the words, in the sense that they aren't different words. They are different forms of the same verb "to star".
The verb "to star" has both transitive and intransitive uses. In either case, the verb expects a semantic patient or theme -- something that is affected by the action of the verb. In the active voice, the transitive use displays this theme as a direct object. The intransitive use displays its theme as a subject.
This film stars Dustin Hoffman. -- transitive
Dustin Hoffman stars (in several films). -- intransitive
Like any other verb, "to star" has several forms. The -ing forms of this verb are no different than those of any other English verb. "Starring" is the form used for gerunds and present participles. Those are non-finite verb forms. They do not create predicates.
This film stars Dustin Hoffman.
a film starring Dustin Hoffman
One major difference between these two examples is that only the first is a complete sentence. The second is nothing more than a noun phrase.
Of course, that noun phrase can be used in a sentence:
We watched a film starring Dustin Hoffman.