To update your GTA V game on PS4 to version 1.27, simply go to the PlayStation Store, navigate to the GTA V game page, and select the "Update" option.

Rockstar Games has released a new update for Grand Theft Auto V on PS4, bringing the game up to version 1.27. This update includes all the previously released DLCs (Downloadable Content) for the game, which means PS4 players can now access a vast array of new content.

In addition to adding new content, the update also includes various performance improvements, bug fixes, and stability enhancements.