It is evident that if $(a,\,b)$ is a solution of the equation, then $(a,\,-b)$ is also its solution. Hence, it's sufficient to consider $b \ge 0$.
Since the RHS is a non-negative, we could deduce that $1+16a\ge 0$. That is, $a$ takes positive integers value only. Therefore $(a^2-b^2)^2\ge 1$. This also implies $(a-b)^2 \ge 1$.
Hence, $(a^2-b^2)^2=(a+b)^2(a-b)^2\ge a^2 $.
From this we obtain the inequality $1+16a\ge a^2$. Solving this inequality gives $x\in \{0,\,1,\,\cdots,\,16\}$. In addition, $1+16a$ is a perfect square, we get $x\in \{0,\,3,\,5,\,14\}$. Only $x=0,\,5$ give integer value of $b$.
The solutions are hence $(0,\,1)$, $(0,\,-1)$, $(5,\,4)$ and $(5,\,-4)$.