API versioning strategies help manage different versions of an API so clients can use the version they expect. The API checks the version info sent by the client, which can be in the URL path, a request header, or a query parameter. Based on this, it routes the request to the correct version handler. For example, URL path versioning uses prefixes like '/v1/' or '/v2/' to separate versions. If no version is specified or the version is unknown, the API may return a 404 error or use a default version. This approach keeps old clients working while allowing new features in newer versions.