diff --git a/CHANGELOG.md b/CHANGELOG.md
index 95e9f1dd4e..7f28b6628c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.49.0 (2025-04-04)
+
 ### SDK
 
 #### Trace
diff --git a/version.gradle.kts b/version.gradle.kts
index ea6092c862..c7f534fe0e 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,7 +1,7 @@
 val snapshot = true
 
 allprojects {
-  var ver = "1.49.0"
+  var ver = "1.50.0"
   val release = findProperty("otel.release")
   if (release != null) {
     ver += "-" + release