Versioning is the method by which successive iterations of a document are numbered and saved. The default versioning control for a document library depends on the site collection template.
Content approval is the method by which site members who have approver permissions control the publication of content. Use content approval to formalize and control making content available to an audience. A document draft awaiting content approval is in the Pending status.documents are saved. When versioning is not being used, earlier versions of documents are not retrievable, and document history is also not retained because comments that accompany each iteration of a document are not saved. Use this option on document libraries that contain unimportant content or content that will never change. documents are retained by using a simple versioning scheme (such as 1, 2, 3). To control the effect on storage space, you can specify how many earlier versions to keep, counting back from the current version.In major versioning, every time that a new version of a document is saved, all users who have permissions to the document library will be able to view the content.
Click Yes under “Require Content Approval for Submitted Items” option in the Content Approval section. and click on major version, we can check
checkin/checkout Option also and click Save Button
Add the items into the Sharepoint list and check the Status and Version colunms
Click the ellipsis near the item`s title to open callout menu and click Approve/Reject.
Now we can see that the Approval Status for this item has changed to Approved.
Now updated the document into the list item, and then check the Versioning and Status.