Two different actions
Reporting a message as phishing tells the mail service that you consider it deceptive. Blocking a sender directs future mail from a particular address away from your inbox. Neither action guarantees that all related attacks stop: a scammer can change addresses, and a report cannot reverse a clicked link or disclosed password.
An example
An Outlook message pretends to be a document invitation. You use
Report → Report phishing. Microsoft says this reports the sender but does not automatically block them. If the same sender keeps mailing, a separate block may help. In a work account, your security team may also want the message through its incident-reporting channel.
When reporting is not enough
If you entered credentials or opened a malicious attachment, secure the account or device first. Microsoft's
Outlook instructions distinguish report from block; Google's
Gmail guidance explains its Report phishing action. A mistaken report can be corrected in Gmail with Report not phishing, which matters when legitimate correspondence was flagged.