Minecraft is getting a major graphics overhaul according to an announcement made by Mojang at Microsoft's E3 press briefing today. These improvements, including 4K treatment, will be part of the "Super Duper Graphics Pack," available this fall.
The new texture pack will also come alongside a "Better Together" update which will introduce cross-play among the many different platforms Minecraft is on. New player-made content and community run servers will be incorporated into the game proper, helping to unify the player-base across "mobile, Windows 10, VR and console." In the trailer it shows an Xbox One and Nintendo Switch but no PS4, so it's unclear if PS4 is included in this new ecosystem.
Saves and other purchased content will be transferable between the old and newer versions of the game.