Honey oil is the non-technical term (pot culture has a lot of those) for hash oil. Hash oil became known as honey oil because the concentrate has the amber color of, you guessed it, honey.
So what makes honey oil so great? Again, it goes back to the word concentrate. Really good raw marijuana that you smoke typically contains 20% THC. That’s plenty of THC to send you on a truly righteous journey. But take that same marijuana, run it through an extraction process, and the resultant concentrate (hash oil or honey oil) can have upwards of 80% THC content.