Your plan to update your WordPress is a good idea. You are using a version whose technical basis will no longer be supported by any hoster in the foreseeable future (mainly because of the PHP version used). This means that your project runs the potential risk of no longer being able to run.
An update will of course affect everything about the project. Your visitors, your administrators and editors, your plugins, your theme …
To update such an old version, I wouldn’t recommend taking the direct route. Make a copy of the project and test the update there before you do it on the live system. Make a list in which order you do what you will do later on the live system. See: https://www.wpbeginner.com/wp-tutorials/how-to-create-staging-environment-for-a-wordpress-site/ – your hoster may also provide an option for this, contact their support.
Please also note that you should also update all plugins and themes during this update. If your theme cannot be updated, then replace it with a more up-to-date one. If you have plugins for which there are no updates, remove them and look for alternatives if necessary.
And before you do anything: make a backup.
You can also find more information about your project here: https://ww.wp.xz.cn/documentation/article/updating-wordpress/
I am new to word press and I see this update. So I should do the update ?
Will it effect my site in a negative way?
Sacramento Furniture Store
@threadi has covered all the essentials. Permit me to add my 2 cents. Prey create a backup of the database and wp directory using a plugin or manually and host the backup in your localhost and try updating the wp core , themes and plugins. if any plugins are unsupported prey find alternatives. Also upgrade your PHP version to the latest.
I bid you good luck.