Waistcoats and waistcoats are the least known pieces of clothing for men, in general. But with them being on the rise for fashionistas and every day gentlemen equally, let us explain the difference between these two items. The more information you have, the better fashion decisions you can make. Most of the people think that waistcoat is another linguistic variation of a waistcoat, but it isn’t. There is a tiny difference between the two – a waistcoat is a less formal form of a waistcoat.