Do we need to build managed package first or We have to develop package on org generated by environment hub ?
Does environment hub will be available after security review ?
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Environment hub is a general feature that you can request be enabled in any org. As a special warning, though, you should not turn on Environment Hub in your Managed Package Development Organization, as that can create unwanted dependencies. You can have it enabled now simply by submitting a case, or, as part of the ISV ob-boarding process, Partner Support can enable this for you. You can read more about Configuring the Environment Hub in the documentation. You can link any org to an Environment Hub at any time, so there's no requirement to link your Managed Package Development Organization org ahead of time before the security review; you can do it any time you like.
First of all you would need a partner account if you want to have the environment hub and want to publish your app to appexchange.
From partner account you can create a support ticket for getting the environment hub.
It is not necessary to have an org generated from environment hub to create package but it is better as some limits are relaxed in orgs generated from environment hub. For example in normal dev org you would have only 2 salesforce license but in partner dev org you can have upto 15 salesforce license.