diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1d2ba41629..87460ec729 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.23.0 (2023-02-15)
+
 ### Migration notes
 
 - HTTP span names are now `"{http.method} {http.route}"` instead of just `"{http.route}"`,
diff --git a/examples/distro/build.gradle b/examples/distro/build.gradle
index fbcb0faeb9..4bbcb0aa65 100644
--- a/examples/distro/build.gradle
+++ b/examples/distro/build.gradle
@@ -14,7 +14,7 @@ buildscript {
   dependencies {
     classpath "com.diffplug.spotless:spotless-plugin-gradle:6.15.0"
     classpath "gradle.plugin.com.github.johnrengelman:shadow:7.1.2"
-    classpath "io.opentelemetry.instrumentation:gradle-plugins:1.23.0-alpha-SNAPSHOT"
+    classpath "io.opentelemetry.instrumentation:gradle-plugins:1.24.0-alpha-SNAPSHOT"
   }
 }
 
@@ -30,8 +30,8 @@ subprojects {
       opentelemetrySdk           : "1.23.1",
 
       // these lines are managed by .github/scripts/update-version.sh
-      opentelemetryJavaagent     : "1.23.0-SNAPSHOT",
-      opentelemetryJavaagentAlpha: "1.23.0-alpha-SNAPSHOT",
+      opentelemetryJavaagent     : "1.24.0-SNAPSHOT",
+      opentelemetryJavaagentAlpha: "1.24.0-alpha-SNAPSHOT",
 
       bytebuddy                  : "1.13.0",
       autoservice                : "1.0.1",
diff --git a/examples/extension/build.gradle b/examples/extension/build.gradle
index b69be57350..7ccf5da854 100644
--- a/examples/extension/build.gradle
+++ b/examples/extension/build.gradle
@@ -13,8 +13,8 @@ plugins {
   id "com.github.johnrengelman.shadow" version "7.1.2"
   id "com.diffplug.spotless" version "6.15.0"
 
-  id "io.opentelemetry.instrumentation.muzzle-generation" version "1.23.0-alpha-SNAPSHOT"
-  id "io.opentelemetry.instrumentation.muzzle-check" version "1.23.0-alpha-SNAPSHOT"
+  id "io.opentelemetry.instrumentation.muzzle-generation" version "1.24.0-alpha-SNAPSHOT"
+  id "io.opentelemetry.instrumentation.muzzle-check" version "1.24.0-alpha-SNAPSHOT"
 }
 
 group 'io.opentelemetry.example'
@@ -26,8 +26,8 @@ ext {
     opentelemetrySdk           : "1.23.1",
 
     // these lines are managed by .github/scripts/update-version.sh
-    opentelemetryJavaagent     : "1.23.0-SNAPSHOT",
-    opentelemetryJavaagentAlpha: "1.23.0-alpha-SNAPSHOT",
+    opentelemetryJavaagent     : "1.24.0-SNAPSHOT",
+    opentelemetryJavaagentAlpha: "1.24.0-alpha-SNAPSHOT",
 
     junit                      : "5.9.2"
   ]
diff --git a/version.gradle.kts b/version.gradle.kts
index 85b044d209..ca851e6c2d 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.23.0-SNAPSHOT"
-val alphaVersion = "1.23.0-alpha-SNAPSHOT"
+val stableVersion = "1.24.0-SNAPSHOT"
+val alphaVersion = "1.24.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {