When you configure replication subscriber and if your subscriber instance is in higher version than publisher instance you might get below error

Example when you configuring subscriber on SQL Server 2014 instance for SQL Server 2012 Publisher  using SQL Server 2012 SSMS you would get below error.

Error:

The selected Subscriber does not satisfy the minimum version compatibility level of the selected publication.

Resolution:

Create subscriber using higher version SSMS (SSMS has to be subscriber version or higher) or create subscriber using TSQL.