A commonly used tool for version control in software development is Git. Git allows developers to track changes in code over time, collaborate with others on projects, and manage different versions of codebases efficiently. With features like branching and merging, Git enables teams to work on features independently and integrate them seamlessly. Additionally, services such as GitHub and GitLab provide platforms for hosting Git repositories, facilitating collaboration, code review, and project management. Version control is essential for ensuring code integrity and enhancing productivity among development teams.