The latest version of Android are Android Lollipop 5.0 and Android Kitkat 4.4.4

Android Lollipop's updated version 5.0.1 is the latest most which is introduced with few bug fixes. news rolling around is that Android Lollipop 5.1 is set to launch in Feb, 2015 ahead of summer release for all major devices. Fingers Crossed :)

Current time, Latest Android Version is the Android Lollipop 5.0

Lolipop 5.0 version is the newest version of Android

Latest Android Version
 

Currently, the latest Android version available in the market is 8.1 (Android Oreo)

Android 7.0 Nougat

Google's latest Android version Nougat is out of beta. The Android 7.0 Nougat will start rolling out worldwide starting with Nexus devices. Introduced in March as Android N, the all-new OS boasts of a host of new features.

Android 8.0 Oreo
 

Android has introduced android 8.0 Oreo. Which is more Smarter, Faster and innovative creation by Google. Oreo was introduced for Google Nexus and Pixel smartphones in August, 2017.

Oreo is still waiting to be launched in India.

Android Oreo (8.0 – 8.1) is a latest version.

Android 7.0 Nougat: 8 features of Google's latest OS. Google's latest Android version Nougat is out of beta. The Android 7.0 Nougat will start rolling out worldwide starting with Nexus devices. Introduced in March as Android N, the all-new OS boasts of a host of new features.