diff --git a/RELEASE.md b/RELEASE.md
index f380411b..1e26f625 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -1,3 +1,11 @@
+# Version: 1.3.1
+## Major Features and Improvements
+## Breaking changes
+## Deprecations
+## Note
+*   Version: 1.3.1
+*   Build Date: 20240220
+*   Praxis commit: a935384da88ec739d48696c2d0a55657a183de00
 # Version: 1.3.0
 ## Major Features and Improvements
 ## Breaking changes
diff --git a/praxis/pip_package/cloudbuild-release.yaml b/praxis/pip_package/cloudbuild-release.yaml
index 4ba13045..e27e7d74 100644
--- a/praxis/pip_package/cloudbuild-release.yaml
+++ b/praxis/pip_package/cloudbuild-release.yaml
@@ -16,7 +16,7 @@ steps:
 
 substitutions:
     _PYTHON_VERSION: '3.10'
-    _RELEASE_VERSION: '1.3.0'  # or rX.Y
+    _RELEASE_VERSION: '1.3.1'  # or rX.Y
     _IMAGE_NAME: 'praxis_${_RELEASE_VERSION}_${_PYTHON_VERSION}'
     _WHEEL_FOLDER: '/tmp/wheels'
 options:
diff --git a/setup.py b/setup.py
index 80d2dd71..7ea2589e 100644
--- a/setup.py
+++ b/setup.py
@@ -47,7 +47,7 @@ def _get_requirements():
 
 setup(
     name='praxis',
-    version='1.3.0',
+    version='1.3.1',
     description=(
         'Functionalities such as a layers for building neural networks in Jax.'
     ),