Let me take a screenshot of fields available from File and Content Report
If your report contains fields only in the red box, the report result will not tell you the download history and version for each file. So, if a file has multiple version, it will show only the latest version as # Versions and # Size (MB).
Now, let us add "File Version" from green box.
See that the 1st file have 4 version and show as different lines, but note that Size (MB) for each line is the file size of the latest version, not file size of each file.
Next, let us remove "File Version" and add "Download Date" from the blue box.
Each download will appear as a line with the download date time, downloaded by, and user type.
Last, let us add back "File Version" to the last report.
The primary lines here is still "download", file version added will tell you the version of the file downloaded by someone and when. This report will not show all file version.
Reference: File and Content Reports