Mac storage basics · Disks, APFS and formats
What partition scheme should I choose — GUID or Master Boot Record?
Short answer: Use GUID Partition Map for nearly everything on a Mac. Master Boot Record is for older devices like some cameras and TVs, usually with exFAT or FAT.
Choose GUID Partition Map for almost everything on a modern Mac, including APFS and drives used for Time Machine. Master Boot Record is mainly for compatibility with older devices — some cameras, TVs or older Windows PCs — usually alongside exFAT or MS-DOS (FAT).
The Scheme menu appears in Disk Utility's Erase sheet when you select the whole device (View → Show All Devices).