Polychromos pencils are a line of oil-based colored pencils made by Faber Castell.
Prismacolor Premier are a brand of wax-based colored pencils.
Both are artist quality pencils. They are on the more reasonably priced end of the artist-grade colored pencils. (Caran d'Ache in the Luminance or Pablo are definitely much more expensive, for example.)
Each one has its pros and cons. I have been using Prismacolors for many, many years but am considering adding Polychromos to my collection.
I would suggest doing an online search for "Prismacolor or Polychromos" and watch some videos that compare the two. You would need to make the choice as to which type you prefer and how many pencils you want in a set.