Which version of Mambo should I use?

New Install.

If you are starting with a clean, new install of Mambo it is recommended that you use the latest Mambo. Currently, this is the Mambo 4.6.x branch.

The Mambo open source CMS is provided in two distributions for each version of the Mambo 4.6.x branch.  These are called "Mambo Lite" and "Mambo Complete".

Upgrading.

If you are upgrading an existing Mambo web site, it is recommended that you check which 3rd party extensions you are currently using, decide whether you wish to retain those extensions, and then check whether your favourite extensions have been upgraded to work with Mambo 4.6 and above.  Many older extensions have not yet been upgraded so this is an important consideration if you have come to rely on the additional features those extensions provide.  The Mambo Team are aware of these issues and are continuing to maintain the 4.5.x branch of Mambo in order to ensure compatibility with older extensions.
The latest version in the 4.5.x branch is Mambo 4.5.5. 
Please Note: The Mambo 4.5.x branch is no longer being developed but security patches will be released when necessary.

If the extensions you use have been upgraded for Mambo 4.6.x, then you should upgrade to the latest Mambo release so you can take advantage of the improved features and functionality.