NO, data will not automatically transfer from one database to another!
1) If you are updating the code elements and maintaining the same database (and they are not the same file, e.g. a single Access database with both forms and data):
When you install a new version of your program, you also run a database update routine, that modifies the existing tables by adding new fields. These fields must either have a default value or allow nulls.
2) If you must replace the physical database, then:
First rename it the database.
Move your new empty database to the directory.
Run a series of queries to append all of the records from each data table in the old database to the new one. (If referential integrity is set, you will have to do this in a specific order)