There is definitely a great difference between the two. Take for example: marriage is a legalised institution but an adult has the license to get married and not a child. Child marriage is a legal crime.
Licensing is a freedom/permission issued/granted to an individual/small section of people by the law of any country but legalisation is done at large. A law made by a country on any matter makes the matter legal thus if any individual works according to the law then his work claims to be legalised. Selling alcohol is legal but the person who is selling it must have a permit to do so if he is selling without permit then he is doing illegal work.