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I would define the difference between serial and series a little differently to Cinisajoy.
A series can be any collection of related books (whether related by characters or setting). A description of "series" won't tell you whether the books in it can stand-alone, or whether they form a single large story arc that must be read in sequence - you have to find that out from other sources (other readers, info on the books, websites or whatever) Some series offer episode numbers that often, but not always, indicate the books need to be read in order.
A serial is typically something published in short contiguous instalments. With a serial it is generally expected that there is one or more larger story arcs joining the episodes together. The serial may or may not have some anticipated conclusion or end. It might be argued that Wool began as a serial and became a series - and it is far from the first set of novels to start out in instalment form).
It would be neater if a definition like that offered by Cinisajoy was in use, but my experience shows no such consistency - especially with the use of "series".
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