How to enable and configure versioning in a SharePoint 2016 or SharePoint 2013 list or library?

Step 1: Go to the library or list for which you want to enable versioning.

Step 2: On the ribbon, select Library or List.

Step 3: In the Settings group, select Library Settings or List Settings.

Step 4: On the Settings page, select Versioning Settings.

Step 5: In the Version Settings page, Select OK.