NOTE: A new version of Release Management is available

Starting with TFS 2015 Update 2, Release Management features are integrated into Team Foundation Server (TFS) and into the RELEASE hub in TFS web access. For more information, see Release Management for TFS 2015 and VS Team Services (https://msdn.microsoft.com/en-us/Library/vs/alm/Release/overview).

If you are considering starting with Release Management, you should use the new web-based version. If you are already using the server and client version described in this topic, you should be aware that no new features will be added to this version. We encourage you to move to new web-based version as soon as possible.
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These cumulative updates to Visual Studio 2015 Update 1 include a variety of bug fixes and capability improvements.

Release Management for Visual Studio 2015 Update 1 supports you to configure, approve, and deploy applications for any environment. Create automated deployment orchestrations for each environment, no matter how complex the configuration. Delivering software more frequently and easily to an environment allows testers to work on validating systems and keeps stakeholders engaged in providing feedback.

Release Management for Visual Studio 2015 requires Visual Studio Enterprise 2015 or Test Professional 2015. For licensing requirements refer to Visual Studio and MSDN Licensing White Paper.

To enable the release management capabilities, you must also install the Release Management Server for Team Foundation Server 2015. To model release processes and enable graphical views of release status, you must have the Release Management Client for Visual Studio 2015. For agent-based releases, on every target machine to which you want to publish deployments, you must install Microsoft Deployment Agent 2015. For vNext Releases, you don’t need to install Microsoft Deployment Agent on the target machine.

VS Release Notes
TFS Release Notes
TFS Known Issues
System Requirements
Compatibility