diff --git a/CMakeLists.txt b/CMakeLists.txt
index 33445c5da..1fa4d9678 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -9,7 +9,7 @@ project(OpenBLAS C ASM)
 
 set(OpenBLAS_MAJOR_VERSION 0)
 set(OpenBLAS_MINOR_VERSION 3)
-set(OpenBLAS_PATCH_VERSION 30.dev)
+set(OpenBLAS_PATCH_VERSION 31)
 
 set(OpenBLAS_VERSION "${OpenBLAS_MAJOR_VERSION}.${OpenBLAS_MINOR_VERSION}.${OpenBLAS_PATCH_VERSION}")
 
diff --git a/Makefile.rule b/Makefile.rule
index a3eb72dc0..51ac7bab6 100644
--- a/Makefile.rule
+++ b/Makefile.rule
@@ -3,7 +3,7 @@
 #
 
 # This library's version
-VERSION = 0.3.30.dev
+VERSION = 0.3.31
 
 # If you set this prefix, the library name will be lib$(LIBNAMESUFFIX)openblas.a
 # and lib$(LIBNAMESUFFIX)openblas.so, with a matching soname in the shared library