Can I update my old iPhone's software? Will it affect my iPhone?

My iPhone is 5 years old. I'm worried that if I update it, it will be too much for it to handle. Also, will it affect any of my current app or media?

It will only be offered updates that it can handle - eg. The iphone 4 only gets iOS 7, while the iphone 5 gets everything up to the latest.

See the list below for what each model can update to:
http://www.everyi.com/by-capability/maximum-supported-ios-version-for-ipod-iphone-ipad.html

As long as it has plenty of free memory, the update should work "in place" if the existing system is new enough.
However, it's worth doing a full backup via itunes just to be safe.

Older versions can only do updates via itunes.

What iPhone do you have? If it came out 5 years ago, then it probably is an iPhone 4.
First tell me what iPhone you have and what iOS version you're on.

Why would it be too much to handle when Apple made the software for that phone in mind?

No it wouldn't.

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