diff --git a/CHANGELOG.md b/CHANGELOG.md
index f1b25b6a13..0633900ec0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.31.0 (2023-10-12)
+
 ### 🌟 New javaagent instrumentation
 
 - Apache Pekko
diff --git a/examples/distro/build.gradle b/examples/distro/build.gradle
index 5421b58543..f05ca78e0e 100644
--- a/examples/distro/build.gradle
+++ b/examples/distro/build.gradle
@@ -14,7 +14,7 @@ buildscript {
   dependencies {
     classpath "com.diffplug.spotless:spotless-plugin-gradle:6.22.0"
     classpath "gradle.plugin.com.github.johnrengelman:shadow:8.0.0"
-    classpath "io.opentelemetry.instrumentation:gradle-plugins:1.31.0-alpha-SNAPSHOT"
+    classpath "io.opentelemetry.instrumentation:gradle-plugins:1.32.0-alpha-SNAPSHOT"
   }
 }
 
@@ -30,8 +30,8 @@ subprojects {
       opentelemetrySdk           : "1.31.0",
 
       // these lines are managed by .github/scripts/update-version.sh
-      opentelemetryJavaagent     : "1.31.0-SNAPSHOT",
-      opentelemetryJavaagentAlpha: "1.31.0-alpha-SNAPSHOT",
+      opentelemetryJavaagent     : "1.32.0-SNAPSHOT",
+      opentelemetryJavaagentAlpha: "1.32.0-alpha-SNAPSHOT",
 
       autoservice                : "1.1.1",
       junit                      : "5.10.0"
diff --git a/examples/extension/build.gradle b/examples/extension/build.gradle
index 2fd472f152..5841e711e7 100644
--- a/examples/extension/build.gradle
+++ b/examples/extension/build.gradle
@@ -13,8 +13,8 @@ plugins {
   id "com.github.johnrengelman.shadow" version "8.1.1"
   id "com.diffplug.spotless" version "6.22.0"
 
-  id "io.opentelemetry.instrumentation.muzzle-generation" version "1.31.0-alpha-SNAPSHOT"
-  id "io.opentelemetry.instrumentation.muzzle-check" version "1.31.0-alpha-SNAPSHOT"
+  id "io.opentelemetry.instrumentation.muzzle-generation" version "1.32.0-alpha-SNAPSHOT"
+  id "io.opentelemetry.instrumentation.muzzle-check" version "1.32.0-alpha-SNAPSHOT"
 }
 
 group 'io.opentelemetry.example'
@@ -26,8 +26,8 @@ ext {
     opentelemetrySdk           : "1.31.0",
 
     // these lines are managed by .github/scripts/update-version.sh
-    opentelemetryJavaagent     : "1.31.0-SNAPSHOT",
-    opentelemetryJavaagentAlpha: "1.31.0-alpha-SNAPSHOT",
+    opentelemetryJavaagent     : "1.32.0-SNAPSHOT",
+    opentelemetryJavaagentAlpha: "1.32.0-alpha-SNAPSHOT",
 
     junit                      : "5.10.0"
   ]
diff --git a/version.gradle.kts b/version.gradle.kts
index a7e1145a2c..043387ffcc 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.31.0-SNAPSHOT"
-val alphaVersion = "1.31.0-alpha-SNAPSHOT"
+val stableVersion = "1.32.0-SNAPSHOT"
+val alphaVersion = "1.32.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {