The Old Testament is the first division of the Christian Bible. It is a collection of books which varies from church to church and dates earlier than the New Testament. The New Testament is the second major division of the Christian Bible.It is also known as the New Law or New Covenant.he Old Testament is similar to the Hebrew Bible and varies primarily in the order of books. In the Old Testament the Book of Malachi is placed last whereas in the Hebrew Bible the Book of Chronicles comes last.