Combo Box and List Box are similar. They both have the ability to display and allow the selection of an entry from a list of possible entries.
Combo Boxes have the ability to carry 'baggage' in that if you have a lookup table that has several relevant fields, and you have fields with the same names as those 'baggage' fields, they fill in on the form once you do the select. Names have to match, Access does the rest. You don't have to actually SEE the 'baggage' because there is a way to hide all but the selector field.
I use a list box (personally) when the item to be chosen will be stored as it appears in the source of the list. I use a combo box when the item to be stored DOESN'T look the same as the thing I will select from the list. Hint: When I'm going to store a numeric key but select something by name, for example.
The lookup wizard helps you build either kind of box. I use the lookup wizard in designing the form in the first place.
Or do you mean the little 'binocular' symbol? That is what I use when I am selecting a record for display and DON'T have either a combo box OR a list box to help in the selection.