diff --git a/CHANGELOG.md b/CHANGELOG.md
index ca6347b6b43..be0063fb05b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.33.0 (2023-12-08)
+
 ### API
 
 * Fix issue where wrapping "invalid" SpanContexts in Span does not preserve SpanContext
diff --git a/version.gradle.kts b/version.gradle.kts
index 3c385255433..8c54ed12381 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,7 +1,7 @@
 val snapshot = true
 
 allprojects {
-  var ver = "1.33.0"
+  var ver = "1.34.0"
   val release = findProperty("otel.release")
   if (release != null) {
     ver += "-" + release