Hi Kumar,
Take a look to the next link.
Migrating, coexisting, and interoperating www-01.ibm.com/support/knowledgecenter/S... Here all the information about migration to 8.5
Knowledge Collection: Migration planning for WebSphere Application Server www-01.ibm.com/support/docview.wss?rs=18... Because your are in 8 and want to going to 8.5.5 your SDK is the same (1.6) so from SDK point of view you can install applications directly in version 8.5.
If you environment is "simple" sometimes is more easy install new version and replicate the configurations.
Take a look on how to move configurations using Properties-based configuration (beware not all resources can be move using this approach)
System administration for WebSphere Application Server V7: Part 4: Properties-based configuration www.ibm.com/developerworks/websphere/tec... For application migrations you can use Migration Toolkit
IBM WebSphere Application Server Migration Toolkit www.ibm.com/developerworks/websphere/dow... Hope this helps. Tell us if you need more support.
Regards