A real image occurs where rays converge, whereas a virtual image occurs where rays only appear to converge. Real images can be produced by concave mirrors and converging lenses, only if the object is placed further away from the mirror/lens than the focal point and this real image is inverted.
The virtual image is always erect. The common example of virtual image is the image formed in the mirror when we stand in front of that mirror. A realimage is that image which is formed when the light rays coming from an object actually meet each other after reflection or refraction.