Whenever I have to give an option to admin of the website to be able to change content on individual pages, I store the content in the database (most of the time MySQL). A new guy in my company joined recently and has advised me to use XML for storing text content of the websites which according to him is a better way then storing it into the database.
I want to know what are the main advantages of using XML file for storing text content or are there any ? Would love to know both the pros and cons.

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MySQL is designed to be faster than the filesystem. Also, what would happen if you decided to spread services about on several servers, say store your content (db) on one server while your pages are served by another. With flat files, even formatted as XML, you will have to now include this content over http(s) which would be no different than MySQL.

The only advantages I know is that you don't need a MySQL server, but you've got one already, and that files are easier to move. I'd still suggest you to use MySQL.

It depends what you want exactly you want to store in it. For simple or relational tables of information, a database such as MySQL, MSSQL, Oracle, etc. is good.

XML is better for single or small numbers of records, configuration settings, or transfering data between applications or services.

XML might be a better option if the data is more or less static and won't change often, for example a list of countries or states. If the data will be changing on a regular basis, such as records of orders taken, customer lists, etc. then a database would probably be a better choice.