Is Python also divided into LTS and stable versions?

Does Long-term surppot version and stable version exist in Python 2.x or Python 3.x version? And if so, what are the criteria?

Which Python version should I use?

For the sake of compatibility with third-party modules, it is always safest to choose a Python version that is one major point revision behind the current one. At the time of this writing, Python 3.8. 1 is the most current version. The safe bet, then, is to use the latest update of Python 3.7 (in this case, Python 3.7.

It doesn't use same wording but on 7. November, 2019 PEP602 was accepted which introduced release cycles. You can find more info about current versions and their states here.