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yes, while installing oracle VM server , it will delete the previous OS. and will install basic Linux OS.let it do that .
my question is: cant we install Oracle VM manager on it after VM server with basic Linux on it.
because we have limited resources and only will server available, So we are trying to install both on same machine
There have been people using OVMM inside a VM guest hosted on a OVM Server, but you'll have to get around the chicken-egg-probem first, since you can't deploy/configure a Server Pool in OVMM which then holds the meta data for your OVM Server(s) without installing OVM Manager first. You can install OVMM on a VM guest running on VirtualBox on another host, though.
However, you don't seem to be well trained to tackle this endeavour, so I'd suggest keeping the OVM Manager on a separate Virtual BOX VM. Should you intend to take any of this OVM stuff into production, you are well advised to setup a production-ready environment for OVM, though. If you just want to play around with it, you can of course go ahead with the VirtualBox approach.