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Every time you edit a page, a new revision is created. Each revision is a record of each version of the page and allows you to change back to any previous version of your page.
When logged in, each of your web pages will have two or three tabs (depending on your premission levels) at the top of the page: view, edit (if you can edit the current page) and revisions. Clicking on the revisions tab will take you to the revisions page which lists all of the revisions. To view the revisions, click on the date and time of the version you wish to view. To revert to that revision, simply click on the revert link. This will make a copy of that revision, add it to the top of the list and make it the current version. A note will also be add showing that this is a copy of another version. The author of the revision is also listed, in addition to the option to delete the revision.