Sana - yes it is important. The general 'rule of thumb' is research-based literature that is no more than 5-years old. There can be exceptions depending on the topic. Publishers want to know if you have accessed the latest literature that establishes the most current 'state of affairs' related to the topic. The same is the case when conducting literature reviews for Higher Degree purposes. Literature reviews date quickly - and especially by the time they appear in physical print. It is common and acceptable to use older 'seminal' literature to identify the historical timeline of a topic as it starts and develops and, sometimes, comes full circle.
For many journals, an important criteria for reviewers is that they assess the quality of the literature drawn upon. This usually means, is it research-based, recent and international in scope.
I think some old literature also have significant importance when we are talking about some trends/prevalence of phenomena/disease that are still being practiced/prevailed. In this situation we may conclude that after two/three decades this situation remain stagnant and so on so forth .
The relevance of the reference is more important than its currency. If the citation alludes to vital points that your research is addressing that is more important than how current the citation is.
Sana Mubashir Recent references are important in review articles because it refers to how much you read about the topic, and to ensure that the article is not a repetition to any published article in the same subject.
The relevancy is the most important point as well as citing the recent reference. Recent reference is one of the most important consideration as it will show how much the theme has addressed the current issues (s).