Besides Jiba's explanation, RDFLib also allows you to:
* work with Python 2.6 and above (if you're working with IronPython, for instance, you're limited to Python 2.7)
* deal with different formats (RDF/XML, N3, NTriples, N-Quads, Turtle, TriX, RDFa and Microdata)
* work with Jupyter Notebooks (trying to install owlready2 raises an error)
For reasoning, you can use
EYE (requires N3 format).
On the other hand, Owlready2 is AWESOME and has been improving quickly!
(Thanks Jiba ;)