Each time you save changes, a new version of the file is created in your work path, and the previous version moves to the OldVersions\ folder.
Several actions happen automatically when you save a file.
Every save writes a new globally unique version ID to the file to identify it. Each Autodesk Inventor LT session remembers which version ID it is accessing. If you try to reopen the file at the normal location, but the version ID is changed, the program assumes that someone else saved. The appropriate version of the file then opens from the OldVersions\ folder. The version of the opened file is used from that point forward to access additional information.
You can restore previous versions of files.
The files in OldVersions\ are used for:
In Browse:
Open old version (Save not allowed).
Restore old version to current version Restores and opens the old version, Not available when the current version is checked out to someone else.
Open current version The open is redirects to the current version.