Deactivating theme

I want to migrate the website from one domain to another one. So, I was looking to change the domain name used in the Avada theme to a new one. And, if I deactivate the theme on the old website, will the content still be there or not?

If you deactivate the theme license for the old website then you are not allowed to use the theme for that website until you activate the license again. One license will be valid for a single end product (domain/website).

Log into your support account at Theme-Fusion, and navigate to the purchase codes tab to see the details of your licenses and the domains registered against them, however if you don’t see any license or domains listed there, you have the freedom to assign any of your purchase code to any domain from the scratch, this will not cause any issues with your site at all.

So, if I deactivate the theme on old website and again reactivate with same code,. Will the website be the same as last time, or will there be any changes to it?

Better to ask this query to theme author. But the website content should be fine (no change).