There are $3$ scenarios to consider. I will address each one by one to hopefully clarify the terminology being used here. First note that the symbol ($\implies$) can be understood to mean the word "implies" when reading through my answer below.
"$P$ is true if $Q$ is true"
This can be rewritten as $Q \implies P$. In other words, if we know that $Q$ is true, then we know that $P$ must be true.
Note$_1$: This doesn't dismiss the possibility that $P$ could be true even when $Q$ is not true. All we know from this statement is that if $Q$ is true, then $P$ must be true - it doesn't tell us anything about whether or not $P$ can or can't be true when $Q$ does not hold.
"$P$ is true only if $Q$ is true"
This can be rewritten as $P \implies Q$. In other words, if we know that $P$ is true, then we know that $Q$ must be true.
Note$_2$: This doesn't dismiss the possibility that $Q$ could be true even when $P$ is not true. All we know from this statement is that if $P$ is true, then $Q$ must be true - it doesn't tell us anything about whether or not $Q$ can or can't be true when $P$ does not hold.
"$P$ is true if and only if $Q$ is true"
This can be rewritten as $P \iff Q$. In other words, if we know that $P$ is true, then we know that $Q$ must be true. And if we know that $Q$ is true, then we know that $P$ must be true. This means that they are equivalent since if one of them is true, then the other must also be true (and if one of them is false, then the other must also be false).
Note$_3$: This is equivalent to $(Q \implies P)$ and $(P \implies Q)$. Unlike the above two examples, this one gives us information about $P$ and $Q$ regardless of whether or not one is known to be true or false. All we need to know is the truth value of either $P$ or $Q$ and this immediately tells us the truth value of the other.