Its both, if you are talking about the vacuum. But you certainly are confused by the wave/particle thing in quantum mechanics.
It's not that there's a wave and photons travel on it. The reality is that light is something that can be precisely modeled by the equations of quantum mechanics. However, its properties are not easy to understand, and sometimes it's easier to think of light as a wave (for example, when you think about how your radio works, or how a laser can make patterns when you put a hair in its path) and sometimes it's easier to think of it as a particle (for example, when talking about atomic emissions, or detection with a photomultiplier). Both of these models are easy to understand, but neither of them are correct.
However, it doesn't matter if you think of a wave or a photon or the complete quantum model, in vacuum the speed of light is $c=299792.458\,\mathrm{km}/\mathrm{s}$.