Version control in document management software (DMS) enables tracking and managing different versions of documents as they are modified or updated over time. When a document is edited, the DMS creates a new version, preserving the previous versions for reference. Users can access and compare different versions, review changes, and revert to earlier versions if needed. Version control typically includes features like check-in/check-out, where users can lock a document for exclusive editing, and collaboration tools to merge changes made by multiple users. This ensures document integrity, facilitates collaboration, and provides a reliable audit trail of document revisions and modifications.