The following information is primarily intended for IT professionals who are deploying Office for Mac to the users in their organizations. Office for Mac that comes with a Microsoft 365 subscription is updated on a regular basis to provide new features, security updates, and non-security updates. Unless otherwise noted, features and fixes listed for versions 16.32+ are for the new Outlook. Additional details are here: aka.ms/outlookmac.
The new Outlook is now available to users in Insider Fast. On November 6, 2019, the new Outlook for Mac was announced at Microsoft Ignite. Previous versions include Outlook 2013, Outlook 2010, and Outlook 2007. Microsoft Outlook with a Microsoft 365 subscription is the latest version of Outlook.
This Wiki page lists the MSI-based Outlook related file versions and updates with release dates and KB articles. Outlook and Outlook for Mac: Update File Versions. There are a couple of fairly big features that, while not missing entirely from the Office.