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How can I upgrade the php version to 7.4 and what would be the procedure to do that after I launch the server?
Do I have to upgrade php version first and then migrate my old website to new aws server?
The easiest way of updating php version to 7.4 is to use the latest Bitnami cloud instances, which come with up-to-date components. In the specific case of WordPress and LightSail, we have submitted the updated packages to AWS, but they are still in the process of publishing them to lightsail. More info in this related thread:
Regarding the upgrade, here you have two handy guides that cover the process of backing-up/restoration you could follow from your old instance to the new one:
If I manually upgrade php version to 7.4 and then later on new Wordpress version comes in i.e 5.6, would I be able to upgrade Wordpress version from wp dashboard without relaunching a new server?
This one really depends on the new WordPress update, but usually you should be able to update it without having to relaunch a new server. In order to do that, you can follow this guide:
Jose Antonio Carmona
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