diff --git a/CHANGELOG.md b/CHANGELOG.md
index d8612f203..654b39d7b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,6 @@
 # Changelog
 
-## Unreleased
+## Version 1.31.0 (2023-10-18)
 
 ### Consistent sampling
 
diff --git a/version.gradle.kts b/version.gradle.kts
index a7e1145a2..3507b2159 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 = "1.31.0"
+val alphaVersion = "1.31.0-alpha"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {