These 2 printing methods are linked closely to foil blocking. The image clearly shows the difference between the 2 methods. Embossing can be used in conjunction with foiling, especially on letterheads and also suited to invitations.
Debossing is the opposite process. This refers to the artwork die being pressed into the surface of the paper, board etc. This works particularly well on the covers of diaries and thick business cards. the dies for debossing are the same as for foiling, whereas for embossing, the print blocks are more expensive.