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The first big difference is how the data is structured, for one. Lists may contain repeated data, while dictionaries are like sets, no keys alike. The data associated with each key may be similiar or identical, but the keys are all unique.
Dictionaries are easy to query. Poll a key and out pops its associated value.
dict[key] => value
Polling a list for a particular piece of data requires iteration (or some special tool such as a find() method, etc.)
Previous to Python 3.5 insertion order is not retained. Dictionaries do not need to be ordered, or least didn’t need to be for most purposes since they have no duplicate keys.
For the most part they are both associative arrays. Each language provides its own support through various methods for accessing and modifying them. The thing they have in common is key-value pairs in no particular order. The keys are immutable and unique. The values may be any data type.