Released in mid-2007, the album charted in the Billboard 200 and debuted at number 2 in the UK, supported by the success of single "Stop Me", which charted at number 2 in the UK, top 5 of the US Dance charts, and in the top 40 of Italy and Australia. Upon its release, the album managed to crack into the World Top 40, charting at 29.
Ronson's next single, "Oh My God" with Lily Allen, became his second top 10 single, peaking at 8 in the UK. "Valerie", Ronson's third single, also peaked at number 2 in the British charts, kept out of the top spot by the Sugababes. It has spent a dozen weeks in the top 10 and has sold well over 300,000 copies. The song ended the year as the ninth biggest seller, behind number 1's "Bleeding Love", "Umbrella", "Grace Kelly" among others. "Valerie" also charted in the Switzerland and New Zealand charts and even managed to top the Dutch Top 40 for four consecutive weeks, keeping Leona Lewis from the top spot.
In February 2008, Ronson received a BRIT Award for Best British Male Solo Artist over favorite Mika. He also performed a medley of 3 songs from the album, the most acclaimed being "Valerie" in which Amy Winehouse appeared. After the ceremony, Version soared from 22 to 4 in the UK Albums chart.
Critical response to the album was generally positive. Billboard called Version "the massively enjoyable sound of a guy determined to not miss a minute of his moment." The New Statesman commented on "the record’s most essential qualities: warm-heartedness and a sense of fun."Rolling Stone gave the album three-out-of-five stars, calling Version "an audacious set of...leftfield covers...turned into dance-soul tracks. Despite the praise, the album inspired a number of mixed reviews. Rich Hughes gave it a 60% rating, saying that "whilst it was an admirable project and some of the results here are genuinely great, the misses just seem to dominate it." Michelle Dhillon called the album "a conglomeration of obvious singles, littered with distinctly horrible numbers that are better ignored."