Hi,
Microsoft Office 365 is a cloud-based subscription service. To get started with it, you will first need to purchase the license from the official website or an authorized retailer.
Microsoft Office 365 is available in a variety of plans, you should determine which plan meets your needs. For the details of each Plan, you can refer to this site: https://products.office.com/en-us/compare-microsoft-office-products
Also, most of the Office 365 plans provide the ability to use Office on your tablets and phones. For your existing Office 2007, you can just uninstall it or leave it there on your computer as Office 365 supports side-by-side installation with an earlier version of Office.
Regards,
Ethan Hua
TechNet Community Support