欲望 is a more common and general word for desire or craving, while 嗜欲 is more specific to personal tastes and indulgences, often with a literary flavor.
嗜好 refers to taste or preference, often in a neutral sense, whereas 嗜欲 implies a stronger, almost compulsive liking or indulgence.
Etymology
Composed of 嗜 (to like, to be fond of) and 欲 (desire, craving). The exact historical derivation is uncertain, but the combination conveys a strong personal appetite or indulgence.
