Hi, I have a MacBook Air version 10.12.6. Is there any possible way to update it to IOS 14?

Below only applies to Apple Computers running macOS

The Age of this computer will Govern what newer version of macOS it will Qualify to install. Use About this Mac from the Apple Icon on Desktop - the required Information will be there.

With the above information in-hand - follow this How to get old versions of macOS and verify what version this computer Qualifies to install.  For Best results use Safari to commence the download as Others may not work.

Safari will open a redirect and open the Apple Store where the download can commence.

macOS Mojave 10.14 hardware requirements

Make Time Machine Backup  is very useful and can be used to Revert to Previous Working macOS

Notation - Mojave is the Last version to support 32 bit applications / extensions and Drivers. Catalina, Big Sur & Monterey supports only 64 bit and there is no workaround.

iOS 14 is for iPhones. If you mean macOS 10.14, check: How to get old versions of macOS - Apple Support