Speak and Talk: Difference

There is not much difference between speak and talk. They are usually both
possible in most situations.

Formality

Talk is less formal than speak. In fact, talk is the usual word to refer to informal
communication.

I want to talk to you.

I think you should talk to him.
I dont know why she has stopped talking to me.
I would like to talk to you about the film I watched yesterday.
Stop talking nonsense.
We talked for an hour.

Speak is often used for exchanges in more serious or formal situations.

Speak your mind.

I was so shocked that I could hardly speak.
They are not speaking anymore.
Actions speak louder than words.

Speak is not usually used before sense, nonsense and other words with similar
meanings.

Lectures etc

Talk is often used for the act of giving an informal lecture. Speak is preferred for
more formal lectures.

Compare:

This is Ms Susan Fernandez, who is going to talk to us about cookery.

This is Professor Susan Fernandez, who is going to speak to us on recent
developments in stem-cell therapy.

Speak is the usual word to refer to a persons ability to speak a language.

She can speak English. (NOT She can talk English.)

She speaks ten languages fluently.
Speak is also the word to refer to speech on the phone.

Could I speak to Alice, please? (More natural than Could I talk to Alice?)

Taken from : http://www.englishgrammar.org/speak-talk-difference/

Often times the word "talk" and "speak" can be used interchangeably. However there
are slight differences between the two especially with regard to grammar. Let me
quote a few examples:

Some examples of grammatical differences are as follows:

be talkative ... be speakative (Incorrect)

speak English ... talk English (Incorrect)

speak up ... talk up (the meanings of the two phrases
being completely different, with "up" being a preposition only in the
latter case)
speaking of which ... talking of which (Incorrect)
grammatically speaking ... grammatically talking (Incorrect)

On the other hand, many other constructions work just as well with either (though
they might have subtle differences). For example:
speak to ... talk to

speak with ... talk with

speak about ... talk about

Now if you observe carefully these examples and other daily usages you would notice
that "talk" is generally not directly associated with an object. On the other hand, "speak"
can either appear with or without one.

Whether you use "speak" or "talk" depends on what you intend to communicate.
Originally, "speak" meant one person communicating. Talk(from tell) originally meant
the same thing as speak, but evolved to connote a conversation or dialogue. In short,
speak is often used for one-sided communications (e.g. He spoke to his colleagues),
whereas talk is used to refer to a conversation or discussion between two or more
people (e.g. everyone in the room was talking when he walked in). Also, remember
"speak" is a little more formal and polite than "talk", as speak connotes more care or
intelligibility. That is, there are meaningful words and the words are clear whereas talk
seems like a muddier term.

Taken from : http://www.quora.com/What-is-the-difference-between-talking-and-

speaking