In general, you should download and install new versions of Memospot when they are released. They come bundled with the latest tested Memos server version, being the easiest and safest way to update.
Standalone update
While a standalone server update works in most cases, manual updates are strongly discouraged for anything other than a Patch version release.
Script-aided procedure
For convenience, there are server updater scripts with auto-backup capabilities.
Windows
Open PowerShell and run the following command:
Set-ExecutionPolicy Bypass -Scope Process -Force; iex ((New-Object System.Net.WebClient).DownloadString('https://raw.githubusercontent.com/memospot/memospot/main/memos-server-updater.ps1'))
The basic server update process is to download the latest Memos release from the memos-builds repository and replace the memos binary in the installation folder.