The Mark Price is used to value the contract by IBKR's credit system and to keep your account values such as Net Liquidation Value, Equity with Loan Value, Excess Equity and Available Funds updated in real time. In addition, the Mark Price is used for the projected Daily P&L and Unrealized P&L values displayed on the trading screen.
The Last Price is the last price at which the contract traded.
Find out more about managing columns in the TWS Users' Guide.