is an Emacs extension for the Git version control system.
Magit is an Emacs menu interface to the
version control system.
Magit is implemented as an Emacs extension package -- a Git porcelain inside Emacs.
Unlike the Version Control package which is part of Emacs and strives to provide a unified interface to various version control systems, Magit only supports Git and can therefore better take advantage of its native features.
With Magit, you can inspect and modify your Git repositories with Emacs. You can review and commit the changes you have made to the tracked files, for example, and you can browse the history of past changes. There is support for cherry picking, reverting, merging, rebasing, and other common Git operations.
Magit is not a complete interface to Git; it just aims to make the most common Git operations convenient. Thus, Magit will likely not save you from learning Git itself.