If you are talking about SharePoint Migration Tool (SPMT), so the answer is YES.
The Version is a supported item in SharePoint Migration Tool, and it will be preserved based on your setting.
- Migrate file version history: If set to Off, only the most recent version of the file will be migrated. If set to On, you can choose whether to keep all versions or limit it to a specific number.
- Keep all versions If set to On, all versions of a file will be migrated.
- Number of versions to migrate Enter a number to limit the number of file versions migrated.
Read more, about supported items and how to use SPMT at SharePoint Migration Tool