When contemplating a MySQL upgrade, it is prudent to install the newer version separately from your current production version. Then you can dump the database and database object definitions from the production server and load them into the new server to verify that they are handled properly. (This is also useful for testing downgrades.)

On the production server:

shell> mysqldump --all-databases --no-data > dump-defs.sql

On the upgraded server:

shell> mysql < dump-defs.sql

Because the dump file does not contain table data, it can be processed quickly. This enables you to spot potential incompatibilities without waiting for lengthy data-loading operations. Look for warnings or errors while the dump file is being processed.

After you have verified that the definitions are handled properly, dump the data and try to load it into the upgraded server.

On the production server:

shell> mysqldump --all-databases --no-create-info > dump-data.sql

On the upgraded server:

shell> mysql < dump-data.sql

Now check the table contents and run some test queries.