What is the difference between всякий and любой?

Question

What is the difference between всякий and любой? It seems that they both mean "any, every"?

Answer 1

любой straight-up means "any"; всякий is more along the lines of "every kind of", "all manner of", etc. всякий sees a lot more colloquial usage, but when it's occasionally used directly instead of любой it actually sounds more bookish and antiquated (Всякий, кто осмелится войти, понесёт наказание).

Answer 2

As Nikolay Ershov noted before, differences do occur. As an added illustration:

     в любое время              всякий раз            каждый раз
      at any time               every time            each time

     любой человек             всякий человек        каждый человек
        anyone                   everyone              everyone

      любой день                всякий день           каждый день
    a day, any day               every day         day by day, daily

I think this is self-explanatory.