How to fix "The file "iTunes Library.itl" cannot be read" error?

If you have encountered the error "The file "iTunes Library.itl" cannot be read because it was created with a newer version of iTunes", don't worry. Here is the solution.

First quit iTunes. Go to iTunes folder. It is located on:

MacOS – /Users/username/Music
Windows XP – C:\Documents and Settings\username\My Documents\My Music
Windows Vista – C:\Users\username\Music
Windows 10, 8 or 7 – C:\Users\username\My Music

Open the folder named Previous iTunes Libraries.

Find the file named iTunes Library YYYY-MM-DD where YYYY-MM-DD is the date you upgraded iTunes (Year-Month-Day).

Rename it as iTunes Library.itl and replace the one in iTunes folder.

Now run iTunes and this error is solved.