Hi, ITB release includes release of IT band aloneThe procedure consists of a tenotomy or a division of the IT band. The technique is to expose the area of the IT band, directly over the area of the lateral femoral epicondyle from a distal posterior aspect to a proximal anterior aspect of the IT band, create an oblique incision dividing the IT band and allowing it to simply separate where as lateral release of the knee primarily involves correction of lateral maltracking ( either tilt or lateralriding) of patella either with or without release of tight lateral retinaculum.
Hope it cleared your doubt.