diff --git a/RAILS_VERSION b/RAILS_VERSION
index 944880fa15e85..e4604e3afd0dd 100644
--- a/RAILS_VERSION
+++ b/RAILS_VERSION
@@ -1 +1 @@
-3.2.0
+3.2.1
diff --git a/actionmailer/lib/action_mailer/version.rb b/actionmailer/lib/action_mailer/version.rb
index f72520cb8c474..5817ed363d71a 100644
--- a/actionmailer/lib/action_mailer/version.rb
+++ b/actionmailer/lib/action_mailer/version.rb
@@ -2,7 +2,7 @@ module ActionMailer
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')
diff --git a/actionpack/lib/action_pack/version.rb b/actionpack/lib/action_pack/version.rb
index 3c86150afd800..a6041385f8f4f 100644
--- a/actionpack/lib/action_pack/version.rb
+++ b/actionpack/lib/action_pack/version.rb
@@ -2,7 +2,7 @@ module ActionPack
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')
diff --git a/activemodel/lib/active_model/version.rb b/activemodel/lib/active_model/version.rb
index 67d24603210db..91b566c4344ec 100644
--- a/activemodel/lib/active_model/version.rb
+++ b/activemodel/lib/active_model/version.rb
@@ -2,7 +2,7 @@ module ActiveModel
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')
diff --git a/activerecord/lib/active_record/version.rb b/activerecord/lib/active_record/version.rb
index 7d845896a01fe..92e3b362c83a3 100644
--- a/activerecord/lib/active_record/version.rb
+++ b/activerecord/lib/active_record/version.rb
@@ -2,7 +2,7 @@ module ActiveRecord
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')
diff --git a/activeresource/lib/active_resource/version.rb b/activeresource/lib/active_resource/version.rb
index 7609b6f07c8e0..e9561df2859a3 100644
--- a/activeresource/lib/active_resource/version.rb
+++ b/activeresource/lib/active_resource/version.rb
@@ -2,7 +2,7 @@ module ActiveResource
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')
diff --git a/activesupport/lib/active_support/version.rb b/activesupport/lib/active_support/version.rb
index 0fee9e5c31d01..ef2c69e69559e 100644
--- a/activesupport/lib/active_support/version.rb
+++ b/activesupport/lib/active_support/version.rb
@@ -2,7 +2,7 @@ module ActiveSupport
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')
diff --git a/railties/lib/rails/version.rb b/railties/lib/rails/version.rb
index 8820ec314db06..048bd6d35b6ba 100644
--- a/railties/lib/rails/version.rb
+++ b/railties/lib/rails/version.rb
@@ -2,7 +2,7 @@ module Rails
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')
diff --git a/version.rb b/version.rb
index 8820ec314db06..048bd6d35b6ba 100644
--- a/version.rb
+++ b/version.rb
@@ -2,7 +2,7 @@ module Rails
   module VERSION #:nodoc:
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join('.')