diff --git a/CHANGELOG.md b/CHANGELOG.md
index a1c5aaf1a2..8346cf33e2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,7 +5,8 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
-## [Unreleased]
+## [0.3.1] - 2023-04-10
+We strongly recommend updating to 0.3.1 if you use or plan to use Clang >=14 to compile libsecp256k1, e.g., Xcode >=14 on macOS has Clang >=14. When in doubt, check the Clang version using `clang -v`.
 
 #### Security
  - Fix "constant-timeness" issue with Clang >=14 that could leave applications using libsecp256k1 vulnerable to a timing side-channel attack. The fix avoids secret-dependent control flow and secret-dependent memory accesses in conditional moves of memory objects when libsecp256k1 is compiled with Clang >=14.
@@ -16,6 +17,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 #### Changed
  - Increased minimum required CMake version to 3.13. CMake builds remain experimental.
 
+#### ABI Compatibility
+The ABI is compatible with version 0.3.0.
+
 ## [0.3.0] - 2023-03-08
 
 #### Added
diff --git a/configure.ac b/configure.ac
index 1976789f1a..a062b3d0fe 100644
--- a/configure.ac
+++ b/configure.ac
@@ -6,7 +6,7 @@ AC_PREREQ([2.60])
 define(_PKG_VERSION_MAJOR, 0)
 define(_PKG_VERSION_MINOR, 3)
 define(_PKG_VERSION_PATCH, 1)
-define(_PKG_VERSION_IS_RELEASE, false)
+define(_PKG_VERSION_IS_RELEASE, true)
 
 # The library version is based on libtool versioning of the ABI. The set of
 # rules for updating the version can be found here: