In a few words it is a Software (simulator) (virtual machine) created by Oracle, where you can simulate machines, assigning the desired characteristics, such as RAM, HDD, number of Nuclei, network adapters and a long etc.
Once the virtual machine is created you can install an operating system, either Linux, Windows, Mac and others not so well known to test them or use them for certain tasks as software test that you have developed, as well as running some program that only works on a certain system.
For example, personally I'm a Mac user, and I use virtual machines to use Linux from my mac, windows to create USB bootable, run exclusive windows programs (games). So well, you will have and will be able to execute Operating Systems within your Operating System.