Virtualization refers to creation of IT resources logically, which does not exist physically. Some examples are creating a virtual storage or virtual server. Virtualization is a software which separates physical resources to several dedicated virtual resources.
Cloud computing on the other hand is a term that refers to providing Infrastructure, platform or software services for computing over internet to users. Virtualization is the fundamental technology that powers cloud computing.
Virtualization is a term used commonly in conjunction with cloud computing but they are both different. Virtualization softwares make it possible to have multiple servers with different operating system, and multiple applications and software run on the same physical server.
