exaggeration vs overstatement

exaggeration and overstatement both are nouns.

Word	Noun	Adjective	Verb	Adverb
exaggeration	Yes	No	No	No
overstatement	Yes	No	No	No

As nouns, exaggeration and overstatement are synonyms defined as:

exaggeration and overstatement: making to seem more important than it really is

Other synonyms of exaggeration include magnification.

exaggeration (noun)	overstatement (noun)
the act of making something more noticeable than usual	making to seem more important than it really is
making to seem more important than it really is
extravagant exaggeration