is there way to use arduino with ov7670 cam to stream the live video over the wifi with the help of ethernet shield or esp8266??
As far as I know the ov7670 cameras don't provide a video stream. If you want video streaming get a platform powerful enough for masses of data (p.e. Raspberry Pi and Co.), Arduino and ESP are definitely out of range.
With an Arduino and an OV7670 you might get one picture per minute or so.
ArduCam makes a line of cameras designed to work with ESP8266. Expect low resolution, high JPEG compression, and slow frame rates. But it does work. You can do much better with a raspberry pi zero w and a pi camera.
I have no idea if OV7670 will work.