As promised to my Systematic Theology Class:

In the Scriptures[1], two very important interchangeable terms are used between the Old and New Testaments that have a place in the authoritative Word on life after death.  The Hebrew word, Sheol, and the Greek word, Hades, are words of the basic same designation from the Old Testament period and books to that of the New Testament respectively.[2] Each of them essentially mean the “grave, pit or death” in their general usage.[3] This is more so in the Hebrew usage of Sheol than that of the New Testament and Hades.  Along with this general view, a nuanced view is present in the Old Testament usage and even more pronounced in the New Testament to carry the idea of judgment and possibly punishment.

Read the rest here:

Systheo_Term_Paper on Hades

^[2]Walter A. Elwell and Barry J. Beitzel, Baker Encyclopedia of the Bible, Map on Lining Papers. (Grand Rapids, Mich.: Baker Book House, 1988), 953.

[3] Ibid.