As of Wednesday July 13th, 2011, the version is 1.7.3
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When a Minecraft update comes out, your game will automatically update to the newest version. However, you can change what version you are on by clicking edit profile on the launcher.
Minecraft 1.16 came out April 29, 2015. The newest PS3 Minecraft update as of July 2016 is 1.31.
The newest version of Minecraft as of October 4, 2015 is 1.8.8, but the newest snapshot of Minecraft is 15w40b
Currently, Minecraft's newest version for PC is 1.4.7
If Minecraft hasn't updated for you, you may have to force an update. When Minecraft opens, check the force update option and then log in. That should make Minecraft update for you.