How to update my MineCraft multiplayer server to 1.7.10?

Me and my friend made a MineCraft server a while back for us to play Survival mode together, but it's a 1.7.4 version, is there a way for me to update the server and make it run with 1.7.10 without having to create a new world all together?

I'm kinda new to creating servers although I did i a while back.

Yeah, just navigate to where the server holds its world file, copy or cut it and put it somewhere safe. Then get the 1.7.10 server tool. Let that run and get all settled. When that's done, just delete the world file your 1.7.10 server made and replace it with the 1.7.4 world.

The only downside to this is that if you want any of the new content, you'll have to move and explore so the new chunks from world generation can generate those new things. This method works with each version, so when 1.8 comes out, this will work too.