diff --git a/History.md b/History.md
index 1e0df7dd8..bd7b1ec1b 100644
--- a/History.md
+++ b/History.md
@@ -1,3 +1,43 @@
+Version 3.2.0
+=============
+
+Compatibility
+-------------
+
+* Ruby >= 2.7
+  - Support for Ruby 2.6 has been removed. Note that Ruby 2.6 reached the
+    end-of-life in 2022-04.
+    [[GitHub #639]](https://github.com/ruby/openssl/pull/639)
+* OpenSSL >= 1.0.2 or LibreSSL >= 3.1
+
+Notable changes
+---------------
+
+* Add a stub gemspec for JRuby, which depends on the `jruby-openssl` gem.
+  [[GitHub #598]](https://github.com/ruby/openssl/pull/598)
+* Add support for the FIPS module in OpenSSL 3.0/3.1.
+  [[GitHub #608]](https://github.com/ruby/openssl/pull/608)
+* Rework `OpenSSL::PKey` routines for loading DER or PEM encoded keys for better
+  compatibility with OpenSSL 3.0/3.1 with the FIPS module.
+  [[GitHub #615]](https://github.com/ruby/openssl/pull/615)
+  [[GitHub #669]](https://github.com/ruby/openssl/pull/669)
+* Add `OpenSSL::Provider` module for loading and unloading OpenSSL 3 providers.
+  [[GitHub #635]](https://github.com/ruby/openssl/pull/635)
+* Add `OpenSSL::PKey.new_raw_private_key`, `.new_raw_public_key`,
+  `OpenSSL::PKey::PKey#raw_private_key`, and `#raw_public_key` for public key
+  algorithms that use "raw private/public key", such as X25519 and Ed25519.
+  [[GitHub #646]](https://github.com/ruby/openssl/pull/646)
+* Improve OpenSSL error messages to include additional information when
+  it is available in OpenSSL's error queue.
+  [[GitHub #648]](https://github.com/ruby/openssl/pull/648)
+* Change `OpenSSL::SSL::SSLContext#ca_file=` and `#ca_path=` to raise
+  `OpenSSL::SSL::SSLError` instead of printing a warning message.
+  [[GitHub #659]](https://github.com/ruby/openssl/pull/659)
+* Allow `OpenSSL::X509::ExtensionFactory#create_extension` to take OIDs in the
+  dotted-decimal notation.
+  [[GitHub #141]](https://github.com/ruby/openssl/pull/141)
+
+
 Version 3.1.0
 =============
 
diff --git a/lib/openssl/version.rb b/lib/openssl/version.rb
index 4163f5506..9315a7938 100644
--- a/lib/openssl/version.rb
+++ b/lib/openssl/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 module OpenSSL
-  VERSION = "3.1.0"
+  VERSION = "3.2.0"
 end
diff --git a/openssl.gemspec b/openssl.gemspec
index c194b5049..2765f5540 100644
--- a/openssl.gemspec
+++ b/openssl.gemspec
@@ -1,6 +1,6 @@
 Gem::Specification.new do |spec|
   spec.name          = "openssl"
-  spec.version       = "3.1.0"
+  spec.version       = "3.2.0"
   spec.authors       = ["Martin Bosslet", "SHIBATA Hiroshi", "Zachary Scott", "Kazuki Yamaguchi"]
   spec.email         = ["ruby-core@ruby-lang.org"]
   spec.summary       = %q{SSL/TLS and general-purpose cryptography for Ruby}