A version management system and method are provided. The version management system includes a cloud server and a local server. When a first cloud application programming interface of a first local application programming interface corresponding to a first tenant is updated from a first version to a second version, a cloud version update module publishes first configuration data to be version updated to a configuration repository. When the cloud version update module judges that the first local application programming interface is updated from the first version to the second version through a local version update module, the cloud version update module updates a cloud version correspondence table. When the cloud server calls the first cloud application programming interface, a cloud configuration management module loads the first configuration data to be version updated, so that the cloud server executes the second version of the first cloud application programming interface.