The correct option is
D not only
Option A - 'As well as' means 'in addition/also'. For example, 'The book is cheap as well as useful', however, the sentence uses 'but also' and hence we can't use 'as well as' here. Thus option A is incorrect.
Option C - 'Both' refers to two people or two things together in a sentence. For example, 'Both Ram and Sita were happy.' 'Both' is often used with 'and', as the given sentence has 'but also', we can't use 'both' here. Thus option C is incorrect.
Option D - 'As' is used to explain reasons in a sentence. For example, 'I didn't go to school as I was sick.' As the given sentence doesn't explain any reason, we can't use 'as' here. Thus option D is incorrect.
Option B - 'Not only' is used to explain that the idea/thing is not limited, but there is more in the sentence. For example, 'I not only like ice creams but also chocolates.' 'Not only-but also' are often used together in a sentence. As the given sentence has 'but also' we can definitely use 'not only' here. Thus option B is the correct answer.
'This book is not only cheap, but also useful.'