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Usually when you upgrade to a new version of a product you may need also a new license key for it.

But it’s not always true. For most of VMware’s products (for example VMware vSphere) a new license key is needed ONLY if you change the major number.

VMware KB 2059926 provide a nice table that can help you to determine if you need to upgrade the license on My VMware for new version of VMware products.
Data Center Virtualization and Cloud Infrastructure
 Existing product version Version to be upgraded to Is a new key required? The SnS Contract for the product is active, can the license key be upgraded in My VMware Portal?
vCloud Suite (Standard, Advanced and Enterprise) 5.1 5.5 No The existing license key also unlocks version 5.5
5.5 6.0 Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
6.0 – No This is the latest version.
vSphere or ESXi (Essentials, Essentials Plus, Standard, Enterprise and Enterprise Plus) 4.x 5.0 or 5.1 or 5.5 Yes
5 5.1 or 5.5 No The existing license key also unlocks version 5.1 and 5.5
5.1 5.5 No The existing license key also unlocks version 5.1 and 5.5
5.5 6.0 or 6.5 Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
6.0 6.5 No The existing license key also unlocks version 6.5
vSOM – vSphere with Operations Management (Standard, Enterprise and Enterprise Plus) 5.1 5.5 Yes
5.5 6.0 or 6.5 Yes
6.0 6.5 No The existing license key also unlocks version 6.5
vCenter Server (Standard and Foundation) 4.x 4.1 or 5.0 or 5.1 or 5.5 Yes
5 5.1 or 5.5 No The existing license key also unlocks version 5.0, 5.1 and 5.5
5.1 5.5 No The existing license key also unlocks version 5.1 and 5.5
5.5 6.0 or 6.5 Yes
6.0 6.5 No The existing license key also unlocks version 6.5
Data Center and Cloud Management Existing product version Version to be upgraded to Is a new key required? The SnS Contract was active on GA date, can the license key be upgraded in My VMware Portal?
vRealize Operations (Standard, Advanced, Enterprise)
(formerly vCenter Operations Management Suite Standard, Advanced, Enterprise).		 1.x 5 Yes Yes. The license is already delivered to My VMware
5 5.6 or 5.7 Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
5.6 5.7 No The existing license key also unlocks version 5.7
5.7 6.0 Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
6.0 – No This is the latest version
vCloud Director 1.x 5.1 or 5.5 No The existing license key also unlocks version 1.x and 5.1 and 5.5
5.1 5.5 No The existing license key also unlocks version 1.x and 5.1 and 5.5
5.5 – No The existing license key also unlocks version 1.x and 5.1 and 5.5
Network and Security Existing product version Version to be upgraded to Is a new key required? The SnS Contract for the product is active, can the license key be upgraded in My VMware Portal?
vCloud Networking and Security 5.1 5.5 No The existing license key also unlocks version 5.1 and 5.5
Desktop Virtualization and Mobile Computing Existing product version Version to be upgraded to Is a new key required? The SnS Contract for the product is active, can the license key be upgraded in My VMware Portal?
Horizon (with View) Standard/Advanced/Enterprise (formerly VMware View). 4.x 5.0 or 5.1 or 5.2 Yes
5 5.1 or 5.2 No The existing license key also unlocks version 5.1 and 5.2.
5.1 5.2 No The existing license key also unlocks version 5.2.
5.2 6.0 Yes
6.0 – No This is the latest version.
Personal Desktop Existing product version Version to be upgraded to Is a new key required? The SnS Contract for the product is active, can the license key be upgraded in My VMware Portal?
Fusion and Fusion Pro
 4.x 5.x or 6.x Yes
5.x 6.x Yes
6.x 7.x Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
7.x
 8.x Yes Yes. For more information see Upgrading license keys in My VMware (2006974).
8.x 10.x Yes Yes. For more information see Upgrading license keys in My VMware (2006974).
10.x – No This is the latest version.
Workstation 8.x 9.x or 10.x Yes
9.x 10.x Yes
10.x 11.x Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
11.x 12.x Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
12.x 14.x Yes Yes. For more information, see How to Upgrade License Keys in My VMware (2006974).
14.x – No This is the latest version
Workstation Player 6.x 7.x Yes
7.x 12.x Yes
12.x 14.x Yes
14.x – No This is the latest version
Notes:
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Virtualization, Cloud and Storage Architect. Tech Field delegate. VMUG IT Co-Founder and board member. VMware VMTN Moderator and vExpert 2010-24. Dell TechCenter Rockstar 2014-15. Microsoft MVP 2014-16. Veeam Vanguard 2015-23. Nutanix NTC 2014-20. Several certifications including: VCDX-DCV, VCP-DCV/DT/Cloud, VCAP-DCA/DCD/CIA/CID/DTA/DTD, MCSA, MCSE, MCITP, CCA, NPP.