If anyone can give me brief information about the advantages and disadvantages of the two JVM since they all depend on the Standard JVM Specification.
There is no JRockit release for java 7. The downloaded JDK for Java 7 and Java 8 is Java HotSpot. I can confirm this for Java 7 and Java 8 jdk downloads for oracle. Link for Java 7
Here is version confirmation for java -version for JDK 1.7
Java (TM) SE Runtime Environment (build 1.7.0_80-b15)
Java HotSpot(TM) 64-Bit Server VM (build 24.80-b11, mixed mode)
JRockit and HotSpot have been merged and JDK 7 contains the first release of this converged JVM (refer Henrik blog on Java 7)