What will be the immediate action by the pilot and ATC if any plane blocks the runway while landing? Suppose, if the Airport has only one runway and one plane is trying to take off at the end of the runway and other plane trying to land from the other end of the runway. 

Due to any reason if the pilot decides to abort the take off. 

In that situation that plane is blocking the runway and it is in the way where the other plane is trying to land at the same time. 

What action will be taken by the pilot who is landing the plane and what action will be taken by ATC?

Is there any chance of collision?
ATC will tell the landing plane to go-around. The pilot will then execute the go-around by flying the missed approach procedure as published in the airport charts.
Go-arounds happen daily and are pretty much a routine action.  

In any case, if the landing pilot feels that the runway is not safe for landing, he can decide to go-around by himself without ATC order (if the controller missed the issue or if the airport is uncontrolled for example).



For reference, the missed approach procedure can be as simple as:  


Stopping descent
Climbing back to a published altitude
Flying a published pattern 
Trying a second approach