There are 2 movies made in Bollywood with the same name and the story is also similar to one another, however, the movies are made in 2 different eras, i.e, in 1955 and in 2002.
The original Devdas was made by Bimal Roy(director) inspired by the bengali novel of the same name published in 1917, it The story is about a bengali boy Devdas, who return his home town after studing abroad, and his childhood sweetheart Paro(Parvati) who belongs from a middle class family. The whole film revolves around Devdas life and how he suffer because of his family being against his love of life,his paro. Its a tragic tale with a tragic ending, ofcourse. The actors cast in older version of the movie were all superstars of their time- Dilip Kumar,Vyjayanthimala and Suchitra Sen. The movie turnout to be superhit and won many awards.
The same movie was made by Sanjay Leela Bhansali in 2002 callling his movie remake of the original Devdas (1955). This time also the were all superstars - Shahrukh Khan (as and in Devdas), Ashwariya Rai ( as Paro) and Madhuri Dixit ( as Chandramukhi).
The movie was a superhit and received more accolades than the original because of much strong star cast and crews and investments too. The film bagged all the awards,well most of -Filmfare to National awards, that year and even went on to win the OSCAR for best foreign language film in 2003.
Both movie hold its own position and has its own charm, so comparing both would be an insult. Take your own pick, though. ;)