diff --git a/CHANGELOG.md b/CHANGELOG.md
index 27ea1aa4891..5d9004b6e62 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.31.0 (2023-10-06)
+
 ### API
 
 #### Incubator
diff --git a/version.gradle.kts b/version.gradle.kts
index c7554cc8708..6778cc99912 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,7 +1,7 @@
 val snapshot = true
 
 allprojects {
-  var ver = "1.31.0"
+  var ver = "1.32.0"
   val release = findProperty("otel.release")
   if (release != null) {
     ver += "-" + release