diff --git a/pom.xml b/pom.xml
index 27f44c6f919..e53d6693ade 100644
--- a/pom.xml
+++ b/pom.xml
@@ -6,7 +6,7 @@
   <artifactId>robotframework</artifactId>
   <packaging>jar</packaging>
   <name>Robot Framework</name>
-  <version>4.0.1.dev1</version>
+  <version>4.0.1b1</version>
   <description>High level test automation framework</description>
   <url>http://robotframework.org</url>
   <licenses>
diff --git a/setup.py b/setup.py
index f6979d598c6..d98873e54b8 100755
--- a/setup.py
+++ b/setup.py
@@ -6,7 +6,7 @@
 
 # Version number typically updated by running `invoke set-version <version>`.
 # Run `invoke --help set-version` or see tasks.py for details.
-VERSION = '4.0.1.dev1'
+VERSION = '4.0.1b1'
 with open(join(dirname(abspath(__file__)), 'README.rst')) as f:
     LONG_DESCRIPTION = f.read()
     base_url = 'https://github.com/robotframework/robotframework/blob/master'
diff --git a/src/robot/version.py b/src/robot/version.py
index 8f32606d884..fabe05f019c 100644
--- a/src/robot/version.py
+++ b/src/robot/version.py
@@ -18,7 +18,7 @@
 
 # Version number typically updated by running `invoke set-version <version>`.
 # Run `invoke --help set-version` or see tasks.py for details.
-VERSION = '4.0.1.dev1'
+VERSION = '4.0.1b1'
 
 
 def get_version(naked=False):