A surge protection device (or an SPD) will clamp, or cut off, an over-voltage scenario to limit the damage that a high voltage spike can do to your appliances. These are commonly seen in consumer power strips that have surge protection built in.
Whole house surge protection on the other hand, is mounted at your main electrical panel to provide electrical protection to every circuit and outlet in your house, without the need for individual surge protection devices. These whole house SPDs reduce the risk of electrical fires as well as prevent potentially expensive electrical surge damage to appliances.
Current National Electric Code (NEC) requires whole house surge protection on all new homes. Older homes without whole house SPDs can be retrofitted with them to provide the same blanket protection as new homes, giving you an extra layer of protection along with your protected power strips.