You need change “Change controlled” field to “Yes” for each attribute need changing by revision control.

Yeah I agree. I did define the attribute as a Change Controlled Attribute.
For Example, I have an attribute named “SOURCE”.
The Value attribute Source of my Rev 1 object is “MAKE”.
Through the Change Control process, I changed the value of this attribute to “BUY” and completed the change controlled process and released the object as Rev 2.
So, My Rev 1 value is “MAKE” and Rev 2 value is “BUY”
But, after completing the Change Controlled process, the value of the Rev 1 object also gets updated to “BUY”. I want the value of the Rev 1 object to remain as “MAKE”.
Is there a way to do this?

Oracle approach is to view and compare historical values of item attributes by Item Attribute History report. This report enables you to view attribute changes that took place at each revision. Both revision controlled attributes and Change-Controlled attributes can be included in the report.

Is it good solution for you?

I am aware of the Item Attribute History Report. However, this mandates one to keep running this report every time which is a kind of felt odd by users.

Instead, I am now thinking of another solution option to have another read-only attribute to which Attribute value changes can be populated using some Px. This will help in user being able to see what was the earlier value of an attribute as compared to the latest value. 

I am yet to fully understand as to why Agile is made to overwrite the value in all the revisions !!!

Attributes in page 1 (Title Block), page two & page three tabs are on item level and not in revision level. In Agile 9.3.x oracle added the ‘Controlled attributes’ functionality which enables to modify these attributes through redlines, but yet the attributes are on item level. As Hagi described, in order to track ‘controlled attributes’ modifications, one should run the ‘Item Attribute History Report’ (different background color denotes value change), or look at redlines through the change order.
Item description is an exception (beginning in Agile 9.2.2), as it indeed being kept in revision level, and being displayed according to selected revision.
If you insist to keep an attribute per the item’s revision, you should define it in the affected item tab. Now you can create a PX that consolidates values from all item revisions into a single Multi-Text field in Page 1, 2 or 3.

The additional Multi-Text field is the option that I intend to conclude upon.
Thanks guys for your suggestions.

Even i got same requirement from many of my customers.Oracle Should Introduce this feature in coming releases.