I want to upgrade my existing MacBookPro to the current one in the market. Is it possible to upgrade the hardware configuration, like RAM, HDD.
It's not possible to upgrade your machine to be the equivalent spec of the current one. e.g. the CPU can't be upgraded, the more recent models have Thunderbolt etc.
However, you can upgrade the RAM from 4GB to 8GB, and you can replace the HDD with a much faster SSD.
The SSD will make a big different to the performance of the machine and the memory upgrade is almost certainly worthwhile too.
Laptops, especially Apple laptops, are generally designed using the best components and technology available at the time. So, in order to fully upgrade your MacBook to the current model, you'd need to trade up and buy a new MacBook. This is especially true now that all componentry is being soldered to the logic board, to save space, make room for the battery, and greater use of solid state memory.
The 2010 MacBook Pro gives you at least a few options of varying difficulty. RAM is the easiest to get to, and is detailed here on Apple's support pages. Your MacBook "supports" 8GB of RAM, in that your machine has two SO-DIMM slots, and when the system was designed, the highest-density modules available were 4GB--but, it should actually be capable of using 16GB of RAM, since 8GB modules are now available (memory speed is backwards-compatible, and OS X has no problem addressing this much memory).
The Hard Drive is pretty much the only other accessible component, and it is a bit more difficult to access than the RAM, so do make sure you know what you're getting into beforehand. You won't get a performance increase from upgrading your HD unless you cross-grade to an SSD, which might actually be less capacity than what you have now.
If you're really feeling adventurous, OWC will sell you a DIY kit to actually replace your optical drive with a second HD or SSD. Rumor has it you could even use this to build your own Fusion drive in your MBP setup, for the best of both worlds in terms of storage capacity and speed.