You can track changes to Content Version fields, just as you can do for fields on other standard objects. This feature is available in both Lightning Experience and Salesforce Classic.
For some tracked fields, both old and new values are recorded:
For other tracked fields, only the new values are recorded:
Below is an introductory video on tracking changes to fields.
Unlike other standard objects, field history for the Content is only available by querying the object ContentVersionHistory with Data Loader or another API tool.
See Also:
Field History Tracking
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