  A variety of high energy (>1 keV) spectra have been observed in recent years
from Black Hole (BH) and Neutron Star (NS) X-ray Binaries (XB). Some common
physical components exist between BHXBs and NSXBs, resulting in some high
energy spectral features. A common component between a BHXB and a weakly
magnetized NSXB is the inner accretion disk region extending very close to the
surface (for a NS) or the horizon (for a BH). The inner disk radiation can be
described by a multi-color blackbody (MCB) spectral model. The surface
radiation of the NS can be approximated by a Single Color Blackbody (SCB)
spectrum. For a strongly magnetized NSXB, the high energy emission is from its
magnetosphere, characterised by a thermal bremsstrahlung (TB) spectrum. In both
BHXBs and weakly magnetized NSXBs, a hot electron cloud may exist, producing
the hard X-ray power law (photon index -1.5 to -2.0) with thermal cutoff
(50-200 keV). It has been recently proposed that a converging flow may be
formed near the horizon of a BH, producing a softer power law (photon index
about -2.5) without cutoff up to several hundred keV. Based on these concepts
we also discuss possible ways to distinguish between BH and NS XBs. Finally we
discuss briefly spectral state transitions in both BH and NS XBs.
