Framework: A framework can be everything you use in application development. It can be a library, a collection of many libraries, a collection of scripts, or any piece of software you need to create your application.
Library: It is a collection of objects/functions/methods (depending on your language) and your application “links” against it and thus can use the objects/functions/methods. It is basically a file containing re-usable code that can usually be shared among multiple applications (you don’t have to write the same code over and over again).