What are the major differences between these 2 actions.? Thanks

I guess that would depend upon what you consider “major.†Practically speaking, as far as the actions themselves are concerned, the “major†differences are basically cosmetic. Different bolt handles, different trigger guards, etc.

Probably the biggest and most obvious difference is the hinged floorplate on the M-700 but I believe the extractor is different (not interchangeable), the bolthandle is different and the safety is different. All for the better on the M-700

Bolt handle angle.
Rear tang shape.
Bolt lug on a 700 has a anti bind slot cut in it.
Trigger/safety.
Maybe more but I cant't think of them right now.
Those are the main ones though. Dont't let them fool you, the parts are all interchangable with a little help. My .300 WSM on a 721 had a 700 bolt in it. To top it all off it cam out of a long action. It had a 700 trigger and a new bolt handle angled more like a 700. Talk about pieces parts.

Shawn

I much prefer the shape of the original 721 and 722 bolt handle.