The purpose of version control software is to manage changes to source code and files over time. It enables multiple developers to collaborate on projects without overwriting each other's work. Version control systems, like Git and SVN, allow users to track revisions, revert to previous versions, and create branches for experimenting with new features. This fosters a structured workflow, enhances accountability, and provides a reliable history of changes, which is crucial for maintaining code integrity and facilitating team collaboration in software development.