diff --git a/CHANGELOG b/CHANGELOG
index 07c5c51628..37a035cacd 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -8,6 +8,10 @@
                                https://mfem.org
 
 
+Version 4.7.1 (development)
+===========================
+
+
 Version 4.7, released on May 7, 2024
 ====================================
 
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 0be4f5d65d..00d50283b6 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -58,7 +58,7 @@ project(mfem NONE)
 # Current version of MFEM, see also `makefile`.
 #   mfem_VERSION = (string)
 #   MFEM_VERSION = (int)   [automatically derived from mfem_VERSION]
-set(${PROJECT_NAME}_VERSION 4.7.0)
+set(${PROJECT_NAME}_VERSION 4.7.1)
 
 # Prohibit in-source build
 if (${PROJECT_SOURCE_DIR} STREQUAL ${PROJECT_BINARY_DIR})
diff --git a/doc/CodeDocumentation.conf.in b/doc/CodeDocumentation.conf.in
index ee02d1bdaf..176646ae83 100644
--- a/doc/CodeDocumentation.conf.in
+++ b/doc/CodeDocumentation.conf.in
@@ -48,7 +48,7 @@ PROJECT_NAME           = MFEM
 # could be handy for archiving the generated documentation or if some version
 # control system is used.
 
-PROJECT_NUMBER         = v4.7.0
+PROJECT_NUMBER         = v4.7.1
 
 # Using the PROJECT_BRIEF tag one can provide an optional one line description
 # for a project that appears at the top of each page and should give viewer a
diff --git a/makefile b/makefile
index a4b6296da9..288221dc8e 100644
--- a/makefile
+++ b/makefile
@@ -10,7 +10,7 @@
 # CONTRIBUTING.md for details.
 
 # The current MFEM version as an integer, see also `CMakeLists.txt`.
-MFEM_VERSION = 40700
+MFEM_VERSION = 40701
 MFEM_VERSION_STRING = $(shell printf "%06d" $(MFEM_VERSION) | \
   sed -e 's/^0*\(.*.\)\(..\)\(..\)$$/\1.\2.\3/' -e 's/\.0/./g' -e 's/\.0$$//')