Wikipedia answers, as you might expect, that an application framework is a framework for developing applications.
An application typically provides a user interface. "Application framework" can be used loosely to refer to user-interface frameworks that provide little more than a collection of low-level user-interface controls -- like MFC, Swing, Qt and the like.
However, it is useful to distinguish these from more powerful frameworks like the Eclipse Rich-Client Platform and the Netbeans Platform, which provide a higher-level framework -- built atop those low-level toolkits -- on which to develop applications.
I personally use "application platform" only for these latter platforms, and refer to the low-level APIs as "user-interface toolkits."