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In simple terms formula fields are equations calculated in run time and they can only refer to the parent (master-detail or lookup) object's field value along with current object records field value. For eg: You want to concatenate names of child and parent records, then you can create formula field in child with equation as Name + Parent__r.Name.
Roll up summary fields refer to the child(only in master-detail) records and it has only specific calculation possible(count,min,max,sum,avg). It is created in parent.
Both are read only fields.
As per my understanding, if there is master-detail or look up relationship between objects, say A and B (with B as Master or parent) then through 'cross object formula fields', you can access parent/master fields ( or parent to parent fields , if further master-detail/look up relationship exists between B and some other objects & so on) in object A.
Roll up summary fields are created at master/parent side of master-detail/look-up relationship. For e.g if suppose a student is rated by two teachers & say look up relationship exists between student( parent object) and teacher object , then in Student object, you can create a roll up summary field to get sum of rating given by two teachers.
Hope this is clear to you.