Latest Android Version is 4.4 : KitKat

Till date, Android operating system has been used by more than 900 million active devices, and due to its huge popularity we all know that Android Versions have been named in alphabetical order after desserts: Cupcake, Donut, Eclair, Froyo, Gingerbread, Honeycomb, Ice Cream Sandwich, and Jelly Bean. Now its turn of alphabet ‘K’ – Chocolate lovers would be happy to know that the next version of Android is named after one of your favorite chocolate treats – Kit Kat!

The Android 4.4 Kit Kat system is expected to launch in October. 
(Update: Google released new version Android 4.4 KitKat: Click to read its features)

Android KitKat: The upcoming version taking 4.4 build is suspected to run a new Linux kernel with low-memory optimisation. Android KitKat replaced Key Lime Pie dessert name and was rumoured to be launched on October or November 2013 in celebration of Android's birthday.

So with a brand new code name, we can expect Android 4.4 to bring some bigger changes, but all Google is saying at this stage is: "It's our goal with Android KitKat to make an amazing Android experience available for everybody."

So enjoy KitKat. Wait for features yet to publish and the same will be published soon. Stay tuned !
(Update: Google released new version Android 4.4 KitKat: Click to read its features)