The difference between $\alpha \land \beta$ and $\alpha \to \beta$ is that in the first both $\alpha$ and $\beta$ have to be true, however, the second operator forces $\beta$ to be true if $\alpha$ is true (that is, when $\alpha$ is false, then $\beta$ might take any value). The first one usually reads $\alpha$ and $\beta$, where the second $\alpha$ implies $\beta$.
When writing things like $\forall x.\ P(x) \land Q(x)$ we require both $P(x)$ and $Q(x)$ to be true for all $x$. On the other hand, $\forall x.\ P(x) \to Q(x)$ requires only $Q(x)$ to be true when $P(x)$ is (note that $x$ is same in both cases). In other words, $Q(x)$ has to be true for all $x$ that satisfy $P(x)$.
I hope this helps ;-)
Edit:
To give you some concrete example that would emphasize the difference, let
\begin{align}
\phi_1 &= \forall x.\ \Big(P(x)\land\forall y.\ Q(y)\Big), \\
\phi_2 &= \forall x.\ \Big(P(x) \land Q(x)\Big), \\
\phi_3 &= \Big(\forall x.\ P(x)\Big) \land \Big(\forall y.\ Q(y)\Big), \\
\psi_1 &= \forall x.\ \Big(P(x) \to \forall y.\ Q(y)\Big), \\
\psi_2 &= \forall x.\ \Big(P(x) \to Q(x)\Big), \\
\psi_3 &= \Big(\forall x.\ P(x)\Big) \to \Big(\forall y.\ Q(y)\Big).
\end{align}
Then $\phi_1$, $\phi_2$ and $\phi_3$ are all equivalent, however, $\psi_1 \to \psi_2 \to \psi_3$, but in general $\psi_3 \not\to \psi_2$, $\psi_2 \not\to\psi_1$ and $\psi_3 \not\to\psi_1$.