Qubit
In quantum computing, a qubit () or quantum bit (sometimes qbit) is the basic unit of quantum information—the quantum version of the classical binary bit physically realized with a two-state device. A qubit is a two-state (or two-level) quantum-mechanical system, one of the simplest quantum systems displaying the peculiarity of quantum mechanics. Examples include: the spin of the electron in which the two levels can be taken as spin up and spin down; or the polarization of a single photon in which the two states can be taken to be the vertical polarization and the horizontal polarization. In a classical system, a bit would have to be in one state or the other. However, quantum mechanics allows the qubit to be in a coherent superposition of both states/levels simultaneously, a property which is fundamental to quantum mechanics and quantum computing.
Quantum information
Quantum mechanics studies how microscopic physical systems change dynamically in nature. In the field of quantum information theory, the quantum systems studied are abstracted away from any real world counterpart. A qubit might for instance physically be a photon in a linear optical quantum computer, an ion in a trapped ion quantum computer, or it might be a large collection of atoms as in a superconducting quantum computer. Regardless of the physical implementation, the limits and features of qubits implied by quantum information theory hold as all these systems are all mathematically described by the same apparatus of density matrices over the complex numbers. Another important difference with quantum mechanics is that, while quantum mechanics often studies infinite-dimensional systems such as a harmonic oscillator, quantum information theory concerns itself primarily with finite-dimensional systems.