diff --git a/CMakeLists.txt b/CMakeLists.txt
index 5e3b1f55c9a..0e23ddf19ca 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -47,7 +47,7 @@ endif()
 
 set(PROJECT_NAME "oneDNN")
 set(PROJECT_FULL_NAME "oneAPI Deep Neural Network Library (oneDNN)")
-set(PROJECT_VERSION "3.7.0")
+set(PROJECT_VERSION "3.8.0")
 
 project(${PROJECT_NAME} VERSION "${PROJECT_VERSION}" LANGUAGES C CXX)