diff --git a/tracing-subscriber/CHANGELOG.md b/tracing-subscriber/CHANGELOG.md
index aab17fdf60..11da298ba2 100644
--- a/tracing-subscriber/CHANGELOG.md
+++ b/tracing-subscriber/CHANGELOG.md
@@ -1,3 +1,50 @@
+# 0.3.8 (Feb 4, 2022)
+
+This release adds *experimental* support for recording structured field
+values using the [`valuable`] crate to the `format::Json` formatter. In
+particular, user-defined types which are recorded using their
+[`valuable::Valuable`] implementations will be serialized as JSON objects,
+rather than using their `fmt::Debug` representation. See [this blog post][post]
+for details on `valuable`.
+
+Note that `valuable` support currently requires `--cfg tracing_unstable`. See
+the documentation for details.
+
+Additionally, this release includes a number of other smaller API improvements.
+
+### Added
+
+- **json**: Experimental support for recording [`valuable`] values as structured
+  JSON ([#1862], [#1901])
+- **filter**: `Targets::would_enable` method for testing if a `Targets` filter
+  would enable a given target ([#1903])
+- **fmt**: `map_event_format`, `map_fmt_fields`, and `map_writer` methods to
+  `fmt::Layer` and `fmt::SubscriberBuilder` ([#1871])
+
+### Changed
+
+- `tracing-core`: updated to [0.1.22][core-0.1.22]
+
+### Fixed
+
+- Set `smallvec` minimal version to 1.2.0, to fix compilation errors with `-Z
+  minimal-versions` ([#1890])
+- Minor documentation fixes ([#1902], [#1893])
+
+Thanks to @guswynn, @glts, and @lilyball for contributing to this release!
+
+[`valuable`]: https://crates.io/crates/valuable
+[`valuable::Valuable`]: https://docs.rs/valuable/latest/valuable/trait.Valuable.html
+[post]: https://tokio.rs/blog/2021-05-valuable
+[core-0.1.22]: https://github.com/tokio-rs/tracing/releases/tag/tracing-core-0.1.22
+[#1862]: https://github.com/tokio-rs/tracing/pull/1862
+[#1901]: https://github.com/tokio-rs/tracing/pull/1901
+[#1903]: https://github.com/tokio-rs/tracing/pull/1903
+[#1871]: https://github.com/tokio-rs/tracing/pull/1871
+[#1890]: https://github.com/tokio-rs/tracing/pull/1890
+[#1902]: https://github.com/tokio-rs/tracing/pull/1902
+[#1893]: https://github.com/tokio-rs/tracing/pull/1893
+
 # 0.3.7 (Jan 25, 2022)
 
 This release adds combinators for combining filters.
diff --git a/tracing-subscriber/Cargo.toml b/tracing-subscriber/Cargo.toml
index c01d747a8b..56fa9f4294 100644
--- a/tracing-subscriber/Cargo.toml
+++ b/tracing-subscriber/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "tracing-subscriber"
-version = "0.3.7"
+version = "0.3.8"
 authors = [
     "Eliza Weisman <eliza@buoyant.io>",
     "David Barsky <me@davidbarsky.com>",
@@ -38,7 +38,7 @@ valuable = ["tracing-core/valuable", "valuable_crate", "valuable-serde", "tracin
 local-time = ["time/local-offset"]
 
 [dependencies]
-tracing-core = { path = "../tracing-core", version = "0.1.20" }
+tracing-core = { path = "../tracing-core", version = "0.1.22" }
 
 # only required by the filter feature
 tracing = { optional = true, path = "../tracing", version = "0.1", default-features = false }
diff --git a/tracing-subscriber/README.md b/tracing-subscriber/README.md
index 35815c32c5..9fe9ae62ad 100644
--- a/tracing-subscriber/README.md
+++ b/tracing-subscriber/README.md
@@ -21,7 +21,7 @@ Utilities for implementing and composing [`tracing`][tracing] subscribers.
 [crates-badge]: https://img.shields.io/crates/v/tracing-subscriber.svg
 [crates-url]: https://crates.io/crates/tracing-subscriber
 [docs-badge]: https://docs.rs/tracing-subscriber/badge.svg
-[docs-url]: https://docs.rs/tracing-subscriber/0.3.7
+[docs-url]: https://docs.rs/tracing-subscriber/0.3.8
 [docs-master-badge]: https://img.shields.io/badge/docs-master-blue
 [docs-master-url]: https://tracing-rs.netlify.com/tracing_subscriber
 [mit-badge]: https://img.shields.io/badge/license-MIT-blue.svg
diff --git a/tracing-subscriber/src/lib.rs b/tracing-subscriber/src/lib.rs
index d55f1abc14..f823f52b3c 100644
--- a/tracing-subscriber/src/lib.rs
+++ b/tracing-subscriber/src/lib.rs
@@ -160,7 +160,7 @@
 //! [`time` crate]: https://crates.io/crates/time
 //! [`libstd`]: https://doc.rust-lang.org/std/index.html
 //! [`liballoc`]: https://doc.rust-lang.org/alloc/index.html
-#![doc(html_root_url = "https://docs.rs/tracing-subscriber/0.3.7")]
+#![doc(html_root_url = "https://docs.rs/tracing-subscriber/0.3.8")]
 #![doc(
     html_logo_url = "https://raw.githubusercontent.com/tokio-rs/tracing/master/assets/logo-type.png",
     issue_tracker_base_url = "https://github.com/tokio-rs/tracing/issues/"