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Hi Angela, I think the domain mode is what you want to run, as it provides the ability to manage several independent runtime servers.
For domain mode, can we run on the multiple applications on the same VM?
Domain mode allows the configuration of one or more servers grouped under "server-groups". When you do a deployment from the management console you can choose to deploy one app to a certain server group and a totally different app to another server group.
Domain mode allows you to run multiple WildFly servers within the same JVM.
Take a look here for further details https://www.packtpub.com/sites/default/files/downloads/2413OS_Appendix.pdf