The correct option is
B He not only drank too much at the party, but also insulted the guests.
The conjunction, 'Not only.. but also' is a correlative conjunction, which combines two grammatically equal items. This means that the words which follow both parts (i.e 'not only' as well as 'but also') should belong to the same parts of speech. Using different parts of the speech after 'not only' and 'but also' makes the sentence imbalanced and grammatically incorrect.
Option A: The phrase, 'not only' is followed by 'at the party', which is a prepositional phrase, which also works as an adverb. The phrase 'but also' is followed by 'insulted', which is a verb. Hence, this option is grammatically incorrect.
Option B: When a sentence begins with 'not only, it is followed by an helping verb like 'did'/does'/'is' + subject. In this option, the sentence begins with 'Not Only'. However, this is not immediately followed by any helping verb. Hence, this option is grammatically incorrect.
Option C: In this sentence, the phrases 'not only' and 'but also' are used together, which is grammatically incorrect.
Option D: The phrase, 'not only' is followed by 'drank', which is a verb in the past tense. The phrase 'but also' is followed by 'insulted', which is also a verb in the past tense. Hence, this option is grammatically correct.