Sometimes we need to render a field when we have a node object containing field values.
field_view_value is a Drupal API that allows us to render any field. Example: Display the Invoice Description Field in a Node Object. The display would take care of any input filter that is applied in the field
<?php
$invoice_description = field_get_items('node', $node, 'field_invoice_description');
print render(field_view_value('node', $node, 'field_invoice_description',$invoice_description[0]));
?>
The other way to display the label and data completely rendered by Drupal.
<?php
$invoice_description = field_get_items('node', $node, 'field_invoice_description');
print drupal_render($invoice_description);
?>
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Source:
https://api.drupal.org/api/drupal/modules!field!field.module/function/field_view_value/7