diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8ae727526bd..b6feb7043a4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,6 @@
 # Changelog
 
-## Unreleased
+## Version 1.34.1 (2024-01-11)
 
 * Fix prometheus exporter regressions
   ([#6138](https://github.com/open-telemetry/opentelemetry-java/pull/6138))
diff --git a/version.gradle.kts b/version.gradle.kts
index 26e3f9e73ca..c4d454214f1 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,7 +1,7 @@
 val snapshot = false
 
 allprojects {
-  var ver = "1.34.0"
+  var ver = "1.34.1"
   val release = findProperty("otel.release")
   if (release != null) {
     ver += "-" + release