Both track bikes and fixed-gear bikes have only one gear and typically lack brakes. However, a track bike is a specific term for a bike designed for racing around a track, while fixed-gear is a broader term that refers to any bike with a single gear.
Track Bike
Bikes have been used in competitions since the 1860s, when road racing first became popular. While road racing is still popular, indoor and outdoor track racing has become popular as well. A track bike is specifically designed to be used on a track -- or velodrome -- and travel in one direction without encountering corners. To compensate for this, there are no brakes, and a track bike frame is built for high-speed handling.
Fixed-Gear Bike
According to the Washington Post, a fixed-gear bike -- also called a fixed bike or fixie -- uses one gear, so that if your wheels turn, your pedals are also turning. This eliminates the ability to coast, and most fixed-gear bikes do not need brakes, since it is easy to stop the pedals, causing the wheels to stop. Fixed-gear bikes are particularly popular among bike messengers and other city dwellers, due in part to their ability to efficiently harness your pedaling power.
Track Versus Fixed
A track bike is absolutely essential if you are going to race on a velodrome or other track. However, a track bike is not designed to be used on the street, since it requires more skill and attention to control its sensitive steering. If you are purchasing a bike for recreation or commuting, and are sold on having just one gear, then a general fixed-gear bike will be a better choice than a specially designed racing bike.
Choosing a Bike
Your bike choices are not limited to a track or fixed-gear bike. In addition to the general category of geared bikes, there are road bikes, touring bikes, mountain bikes, folding bikes and more. When choosing a bike, carefully consider what you will use it for primarily, and then consider factors like maintenance, cost, terrain and physical fitness. According to Commute by Bike, a fixed-gear bike is good for recreation or commuting in a fairly flat area, since over time it will save you money and require less maintenance.
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