diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8f50ed26..bbc55393 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.33.0 (2024-02-21)
+
 ### compressors/
 
 - Add zstd compressor implementation for OTLP exporters
diff --git a/version.gradle.kts b/version.gradle.kts
index 66e2a567..e5cfeb13 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.33.0-SNAPSHOT"
-val alphaVersion = "1.33.0-alpha-SNAPSHOT"
+val stableVersion = "1.34.0-SNAPSHOT"
+val alphaVersion = "1.34.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {