deserved
a. 理所当得的(理所当然的)
v. 应受(值得)
例如 I have omitted many things which deserved a place in the book.
有很多值得在这书中处理的东西我都没有谈。
deserving
a. 应得的,值得的
例如 The thief was given a milder punishment than he deserved.
这小偷受到的惩罚比他应得的轻。
总起来说区别有两点:
deserved 可以当动词来说 deserving则不行
deserving后一般跟of