Salesforce allows us to migrate standard configuration records like workflow, email templates, email alerts using change set.
But If we want to deploy the custom configuration records from one org to another org using change set or want to setup the custom configuration data automatically when a managed package is installed, then how can this be achieved?
Custom Settings certainly will not be the right solution for this, because custom settings is just like any object i.e. metadata and we cannot migrate our custom settings records using Change sets.
(Source: Custom Settings Image by Trailhead )
Here, ‘Custom Metadata Type’ comes into the play. Using custom metadata type we can easily migrate configuration data along with their associated records using change set and packages.