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Currently, the latest stable version is PHP 7.4.

What are the benefits of using the latest stable version?
The latest version is the most secure.
It’s the fastest version and has the best performance, for example, PHP 7.3 is on average 9% faster than PHP 7.2.
It’s the most compatible with the latest versions of popular CMSs like WordPress.
Deprecations in PHP 7.4

New features always come with the depreciation of old features or components. PHP 7.4 has come up with some known deprecations as well. Lets see what they are:

Short Open Tags
Short open tags ?> are now deprecated and will be completely removed in PHP 8.0.

As the situation stands, this new PHP version looks to be more powerful as compared to its predecessors. Moreover, it will ease various development tasks of the developers, as its new updated functions are precisely built for the modern web applications.