Body lifts and suspension lifts both offer a taller ride and room for larger wheels and tires, but they do have differences like the purchase price, the cost of install and ground clearance.
Here is the quick look differences between body lifts and suspension lifts:
Body Lifts consist of spacers that raise the body up off of the frame to be able to clear larger tires and for a more aggresive look, some also come with brackets to raise the bumpers up to match the body height. Suspension Lifts change suspension components which will raise the frame higher off of the ground resulting in a similar appearance to a body lift
Body Lifts DO NOT provide additional ground clearance, suspension lifts will provide addition ground clearance on the front suspension (unless your truck has a solid front axle) A suspension lift will provide extra ground clearance to the frame both front and rear.
A body lift is usually cheaper than a suspension lift on the initial purchase price.
Both body lifts and suspension lifts require a fair amount of time to install, especially on late model trucks. Suspension lifts generaly require more technical skills to install and quite often require cutting and welding of the frame.
So if you are on a budget and are just looking to clear bigger tires then a body lift may be the best choice for you.