diff --git a/sdk/RELEASE.md b/sdk/RELEASE.md
index 37dd6c403c..09dca62b6b 100644
--- a/sdk/RELEASE.md
+++ b/sdk/RELEASE.md
@@ -12,6 +12,21 @@
 
 ## Bug Fixes and Other Changes
 
+## Documentation Updates
+# 2.0.0-beta.3
+
+## Major Features and Improvements
+
+## Breaking Changes
+
+### For Pipeline Authors
+
+### For Component Authors
+* Add support for ConcatPlaceholder and IfPresentPlaceholder in containerized component [\#8145](https://github.com/kubeflow/pipelines/pull/8145)
+## Deprecations
+
+## Bug Fixes and Other Changes
+
 ## Documentation Updates
 
 # 2.0.0-beta.2
diff --git a/sdk/python/kfp/__init__.py b/sdk/python/kfp/__init__.py
index 7842664fb7..350c14b2bc 100644
--- a/sdk/python/kfp/__init__.py
+++ b/sdk/python/kfp/__init__.py
@@ -16,7 +16,7 @@
 # https://packaging.python.org/guides/packaging-namespace-packages/#pkgutil-style-namespace-packages
 __path__ = __import__('pkgutil').extend_path(__path__, __name__)
 
-__version__ = '2.0.0-beta.2'
+__version__ = '2.0.0-beta.3'
 
 TYPE_CHECK = True