Glycolysis is a common process during aerobic and anaerobic respiration whereas fermentation occurs anaerobically. Glycolysis takes place in the cytoplasm of the cell and breaks the glucose into two pyruvates. 8 ATP is produced during glycolysis.
Fermentation is the process which takes place in the absence of carbon dioxide. The glucose molecules in the absence of oxygen produce alcohol and carbon dioxide. It produces 2 ATP.