In ArcMap, you can display any version, change from one version to another, and view several versions simultaneously. You can also refresh a version's workspace connection. To display a version in ArcMap, you add data to your map just like you would add any nonversioned data. The data initially added comes from the version specified in the database connection properties dialog box. You can then change to the version you want to display.
Learn more about setting database connection properties.
When you change from one version to another, all feature classes from that geodatabase present in the map change to be those in the version to which you've switched. This simplifies the process of viewing the differences between feature classes or performing an analysis with two versions. Two methods are available in ArcMap for changing versions: you can change versions from the Versioning toolbar or in the table of contents.
When you work in a multiuser editing environment, feature classes may be modified by another user at the same time you're viewing them. Therefore, feature classes you're displaying in ArcMap may become outdated. To update them, refresh one or all of the version workspaces present by clicking the Refresh button on the Versioning toolbar. While you are editing, the Refresh button is unavailable.