From the docs, the definitions are:
..a variant of linear scales with a discrete rather than continuous range. The input domain is sti
Coloring Maps has a great visual explanation.
Quantize:

Quantile:

On the scatter plot, the previously horizontal bars are now vertical as the colors of each place is determined by its rank, not value.
Here's a code snippet in D3 v4 that shows different results in quantize and quantile.
const purples = [
'purple1',
'purple2',
'purple3',
'purple4',
'purple5'
]
const dataset = [1, 1, 1, 1, 2, 3, 4, 5] // try [1, 2, 3, 4, 5] as well
const quantize = d3.scaleQuantize()
.domain(d3.extent(dataset)) // pass the min and max of the dataset
.range(purples)
const quantile = d3.scaleQuantile()
.domain(dataset) // pass the entire dataset
.range(purples)
console.log(quantize(3)) // purples[3]
console.log(quantile(3)) // purples[4]