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At large, both the belt and suspenders take the responsibility of holding your trousers or pants in place. However, you cannot wear both of them at a time.
Belts are bands with holes and are made up of mostly leather. When you pass it through the loops on your pants and fasten it, then your pants are held up. They are suitable for formal pants, jeans, and chinos.
Suspenders are braces that are either clip- or button-based. Sometimes, wearing suspenders may leave an impression on your back. They are suitable for suits. Because, unlike pants, they do not leave a break-like impression on your suit.