GCD is a lightweight way to represent units of work that are going to be executed concurrently. You don’t schedule these units of work; the system takes care of scheduling for you. Adding dependency among blocks can be a headache. Canceling or suspending a block creates extra work for you as a developer!
NSOperation and NSOperationQueue add a little extra overhead compared to GCD, but you can add dependency among various operations. You can re-use operations, cancel or suspend them. NSOperation is compatible with Key-Value Observation (KVO); for example, you can have an NSOperation start running by listening to NSNotificationCenter.
NSOperation and NSOperationQueue are higher lever APIs, made on top of the GDC itself, to achieve the concurrency in an object oriented way.
For detailed explanation, refer this question: https://stackoverflow.com/questions/10373331/nsoperation-vs-grand-central-dispatch