Microsoft has released the Windows Terminal Preview version. The latest version of the Terminal app is available from the Microsoft Store.

As per Microsoft's devBlog - 

Windows Terminal is a new, modern, fast, efficient, powerful, and productive terminal application for users of command-line tools and shells like Command Prompt, PowerShell, and WSL.

Read more about the detailed features on devblogs.microsoft.com

Let's get started.

Install Microsoft's new terminal in Windows

Make sure your machine meets the minimum requirements:

Microsoft's new terminal minimum requirements

Download it from the Microsoft Store: https://www.microsoft.com/en-us/p/windows-terminal-preview/9n0dx20hk701

Alternatively,
 - Press windows+q
 - Type Microsoft Store
 - Goto search bar on the top right and search for  - Windows terminal

Install and Launch.

Microsoft's new terminal features

On the first launch, the default terminal is PowerShell with the familiar old UI.

But wait.. the new terminal is packed with some seri