Python memory is managed by Python private heap space. All Python objects and data structures are located in a private heap. The programmer does not have an access to this private heap and interpreter takes care of this Python private heap.
The allocation of Python heap space for Python objects is done by Python memory manager. The core API gives access to some tools for the programmer to code.
Python also have an inbuilt garbage collector, which recycle all the unused memory and frees the memory and makes it available to the heap space.