diff --git a/scripts/update_sdk_version.sh b/scripts/update_sdk_version.sh
new file mode 100644
index 000000000..e1aa4a11a
--- /dev/null
+++ b/scripts/update_sdk_version.sh
@@ -0,0 +1,60 @@
+#!/usr/bin/env bash
+
+usage="$(basename "$0") [-h] [-v] -- Script to update necessary files for SDK version release
+
+where:
+	-h  Show help text
+	-v  New SDK version"
+
+while getopts ':hv:' option; do
+  case "$option" in
+    h) echo "$usage"
+       exit
+       ;;
+    v) new_version=$OPTARG
+       ;;
+    :) printf "missing argument for -%s\n" "$OPTARG" >&2
+       echo "$usage" >&2
+       exit 1
+       ;;
+   \?) printf "illegal option: -%s\n" "$OPTARG" >&2
+       echo "$usage" >&2
+       exit 1
+       ;;
+  esac
+done
+
+if [ $# -eq 0 ]
+  then
+    echo "No SDK version is specified"
+    echo "$usage" >&2
+    exit;
+fi
+
+SDK_PATH="$( cd -- "$(dirname "$0")" | cd ..  >/dev/null 2>&1 ; pwd -P )"
+INIT_FILE="$SDK_PATH/labelbox/__init__.py"
+READTHEDOCS_CONF_FILE="$SDK_PATH/docs/source/conf.py"
+CHANGELOGS_FILE="$SDK_PATH/CHANGELOG.md"
+
+old_version=$(cat $SDK_PATH/labelbox/__init__.py | grep __version__ | cut -d '=' -f2 | tr -d ' ' | tr -d '"')
+
+echo "New version: $new_version"
+echo "Old version: $old_version"
+
+escaped_old_version=$(echo "$old_version" | sed "s/\./\\\./g")
+escaped_new_version=$(echo "$new_version" | sed "s/\./\\\./g")
+
+sed -i "" "s/$escaped_old_version/$escaped_new_version/" $INIT_FILE
+echo "Updated '$INIT_FILE'"
+
+sed -i "" "s/$escaped_old_version/$escaped_new_version/" $READTHEDOCS_CONF_FILE
+echo "Updated '$READTHEDOCS_CONF_FILE'"
+echo "Successfully updated SDK version locally!"
+
+echo "\nOpening CHANGELOGS file in text editor"
+open -e $CHANGELOGS_FILE
+
+echo "\nPlease open a PR to finish the release process using the following git commands:"
+echo "\ngit add --all"
+echo "git commit -m 'Preparing for $new_version release'"
+echo "git push origin prep_$new_version"