is there any function for tracking changes in Texstudio like what we can do in word?
No, not like in word. There is a colored bar at the right of the line number panel, if that line was changed in the current session. But this information cannot be saved in the .tex file for reuse in a later session, because .tex is a plain text file format and you cannot hide additional information between the lines.
People often use version control systems like SVN or git for tracking changes (SVN support is built into TXS).
Thank you very much.
Also, you can use the Perl script latexdiff to create a tex file that when compiled looks similar to MS Word with tracking changes enabled. You pass an old and a new tex file to latexdiff and it calculates the differences to create this tex file with the differencess marked up.
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