Check tabke works at table level and value table works at domain level.
check table is nothing but master table that u will create with valid set of values.
value table it provides the list of values and it will automatically proposed as a check table while creating foreing key relationship Source: CoolInterview.com
check table: The table that contain a valid set of values is called check table.Generally in SAP terminology we can call them it as master table. value table:When ever you create a Foreign key relationship,the system looks up for a value table field in the table.If there is a table name there it proposes that name as the check table Source: CoolInterview.com