I am having one codeigniter application with version 2.2.6. Is it good to use it in production OR I have to upgrade to 3.1 If YES how to upgrade? Version 3.x is still under development. What are the deprecated function (https://www.codeigniter.com/docs)
Its always better to use latest version for speed & security purpose.
But first you have to check your server PHP version, because CodeIgniter latest version 3.1.9
is not compatible with PHP 5.6
Your server must have PHP version 7.1 or 7.2 for CI 3.1.x
For upgrade CodeIgniter 2.2.6 to 3.1.x, you have to make few changes.
You can get steps for upgrade CI from here.
If your projects is not using deprecated CI functionality, then just replace "system" folder with latest version of CI will work.
My suggestion is to use CI latest version in production.