I have one application use API key for authentication and another application use OAuth authentication. Do they share the same API limit? Or does API limit work separate for them?
The API limits for OAuth apply per app per portal. So one install of your app has the 100/10 burst limit. The second install in a different portal will have a new burst limit of 100/10. So the limits apply per install and not per token.
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You can check the API limits here. To answer your question, they have different limits. oAuth has a burst limit of 100 requests per 10 seconds and no daily limit. API keys have a different burst limit per Hub and a daily limit.
OAuth:
No daily limit
Burst limit of 100 requests per 10 seconds (100/10 seconds)
API Key (different per hub):
Free and Starter: 100/10 seconds burst limit, 250.000 daily limit
Professional and Enterprise: 150/10 seconds burst limit, 500,000 daily limit