JSON is data interchange format like XML it is used to pass data from one application to another from server to client or from client to server, etc
Example would be that you can send value from ASP.Net C# and change it in JavaScript and again send back
Send and Receive json objects to Web Service Methods using jQuery AJAX in ASP.Net
While JavaScript is a Language and its objects is specifically for JavaScript only.
JSON
var json = {"Name": "Mudassar"};
It can store string, bool, int, array or objects. But it cannot store functions
JavaScript
var js = { a: 1, b:2 };
var a = js.a;
You can convert a JSON string to JavaScript object as
var json = {"Name": "Mudassar"};
var js = eval('(' + json + ')');
//Then you can use it as following in JavaScript
var name = js.Name;