Microsoft CRM 1.0 : launched in January 2003.
Microsoft CRM 1.2 : Microsoft CRM 1.2 was released December 8, 2003..It was not widely adopted by industry.
Microsoft Dynamics CRM 3.0 : The second version was re-branded as Microsoft Dynamics 3.0 (version 2.0 was skipped entirely) to signify its inclusion within the Dynamics product family and was released December 5, 2005. Notable updates over version 1.2 are the ease of creating customizations to CRM, the switch from using Crystal Reports to Microsoft SQL Reporting Services, the ability to run on Windows Vista and Outlook 2007, and support for Exchange 2007.
Significant additions released later by Microsoft also allowed Dynamics CRM 3.0 to be accessed by various mobile devices and integration with Siebel Systems.
This was the first version that saw reasonable take up by customers.
Microsoft Dynamics CRM 4.0 : It introduced in December 2007. It features multi-tenancy, improved reporting security, data importing, direct mail merging and support for newer technologies such as Windows 2008 and SQL 2008 .Dynamics CRM 4.0 also implements CRM Online, a hosted solution that is offered directly from Microsoft. The multi-tenancy option also allows ISVs to offer hosted solutions to end customers as well.
Dynamics CRM 4.0 is the first version of the product which has seen significant take-up in the market and passed the 1 million user mark in July 2009.
Microsoft Dynamics CRM 2011 :It was released to open Beta in February 2010
It then went into Release Candidate stage in December 2010.The product was then released in February 2011.