87 votesx51 commented
This helped. Thank you.
I don't use roaming profiles, but after the last major Windows 10 update, Onedrive stopped working for 2 users. When manually starting Onedrive, it said "Preparing for first use" followed by "There is a newer version installed". That's just like Microsoft to break their own products. Of course downloading the latest version right from Microsoft's official Onedrive site had the same error at install: "There is a new version installed".
Going to the registry Key (HKCU\Software\Microsoft\OneDrive) and changing the version value from 18.x.x.x to 17.x.x.x allowed the latest manual download from Microsoft to install properly and it is now working again.