Collaboration is key to the success of software projects allowing multiple users to access and modify the same code an assets. Version control, also known as Source Control, can be setup on Unreal Editor projects however blueprints can have complications due to their binary nature.
Version Control
Version control is the system that handles tracks and handles changes of the project. Setting one up can be found on their websites. The main options for version control on a Unreal Editor projects are Perforce and Git-based systems. Non-Unreal Engine projects will work well on Git-based systems.
Perforce
Perforce is the version control used at Epic Games, the developers of the Unreal Engine. It is more integrated into the Editor compared to other options. Also it is a centralized system allowing for all the files and changes to be stored in one place. Developers create copies of the files and changes on their machine and send the changes back to the remote repository. You can find more information in the following links.
https://www.perforce.com/integrations/perforce-and-unreal-integration
Git
Git is a open-source version control with many free options available. It also features a distributed system where all developers would have the files and changes on their machines and would make the changes on their local repositories. This would then be uploaded to the remote repository where others can access their work.
There are many providers of Git such as GitHub, GitLab, BitBucket and many more. You can find how to set up the software on their websites.
Using Version Control
Once the version control is setup, create a repository, put the project into the repository and update the ignore list as needed. For using version control in Unreal Editor, see Editor: Dealing with Unreal Git Merge Errors
Relevant links
https://dev.epicgames.com/documentation/en-us/unreal-engine/source-control-in-unreal-engine