I guess there's various ways you could do this.
One way would be: when you reach a cutoff point (say, v1.9 is done with, and you're about to start work on 1.10) you could link your DB to a new 1.9 folder in SVN/TFS etc, commit the entire thing, then unlink. This way, you have a separate copy.
It's more normal to just keep working in the same repo though, having made sure the final commit for 1.9 was appropriately labelled. You can then, at any point, update a DB to that version using SQL Compare. Note that this method relies on being able to browse the history revisions though so it won't currently work with GIT/Mercurial etc, you'd need to be on SVN/TFS.