diff --git a/CHANGELOG.md b/CHANGELOG.md
index a442a129c57..69386e397b2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.46.0 (2025-01-10)
+
 ### SDK
 
 * Remove unused dependencies, cleanup code after stabilizing Value
diff --git a/version.gradle.kts b/version.gradle.kts
index 61fc4af26df..215d9f5a3be 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,7 +1,7 @@
 val snapshot = true
 
 allprojects {
-  var ver = "1.46.0"
+  var ver = "1.47.0"
   val release = findProperty("otel.release")
   if (release != null) {
     ver += "-" + release