the file "i Tunes Library.itl" cannot be read because it was created by a newer version of itunes

I thought I had installed the latest version of itunes, but when I try to open it I get the error message "the file I Tunes Library.itl" cannot be read because it was created by a newer version of itunes. I tried deleting/ replacing the old itunes icon on my desktop. Then I tried moving the files from "my music/ itunes" to itunes. Still getting the error message.