As of November 2023, the latest version of Microsoft Office is Office 2021. Office 2021 is sold as a one-time purchase, which means you pay a single, up-front cost to get Microsoft 365 apps for one computer. It includes the core Office applications, such as Word, Excel, PowerPoint, and Outlook. With Office 2021, youll get all the latest features, new tools, security updates, and bug fixes. However, there are no upgrade options, which means if you plan to upgrade to the next major release, youll have to buy it at full price. On the other hand, Microsoft 365 plans include Office 2021 as a part of a greater offering, and youll always have the latest features, fixes, and security updates along with perennial tech support at no extra cost.