It is very important to upgrade the existing React Native with the latest version, which gives you access to more APIs, views, developer tools, and other latest features. The following steps need to be performed for upgrading the React Native with the latest versions.

1. Upgrade your expo project in package.json with the latest version of react-native, react, and expo package.

2. Set the latest version of SDK, which is compatible with the latest react-native in your app.json file.

3. Upgrade the React Native CLI to update the source file by using the following command.

$ react-native upgrade
4. Install the upgrade helper web tool that provides you to upgrade your apps between any two versions.

5. Upgrade your project files by running the following command.

$ react-native init
6. Last, you need to perform the troubleshoot activity to upgrade with React Native CLI.