diff --git a/tracing/CHANGELOG.md b/tracing/CHANGELOG.md
index 978e0ca554..ffd222eafc 100644
--- a/tracing/CHANGELOG.md
+++ b/tracing/CHANGELOG.md
@@ -1,3 +1,65 @@
+# 0.1.38 (April 25th, 2023)
+
+This `tracing` release changes the `Drop` implementation for `Instrumented`
+`Future`s so that the attached `Span` is entered when dropping the `Future`. This
+means that events emitted by the `Future`'s `Drop` implementation will now be
+recorded within its `Span`. It also adds `#[inline]` hints to methods called in
+the `event!` macro's expansion, for an improvement in both binary size and
+performance.
+
+Additionally, this release updates the `tracing-attributes` dependency to
+[v0.1.24][attrs-0.1.24], which updates the [`syn`] dependency to v2.x.x.
+`tracing-attributes` v0.1.24 also includes improvements to the `#[instrument]`
+macro; see [the `tracing-attributes` 0.1.24 release notes][attrs-0.1.24] for
+details.
+
+### Added
+
+- `Instrumented` futures will now enter the attached `Span` in their `Drop`
+  implementation, allowing events emitted when dropping the future to occur
+  within the span ([#2562])
+- `#[inline]` attributes for methods called by the `event!` macros, making
+  generated code smaller ([#2555])
+- **attributes**: `level` argument to `#[instrument(err)]` and
+  `#[instrument(ret)]` to override the level of
+  the generated return value event ([#2335])
+- **attributes**: Improved compiler error message when `#[instrument]` is added to a `const fn`
+  ([#2418])
+
+### Changed
+
+- `tracing-attributes`: updated to [0.1.24][attrs-0.1.24]
+- Removed unneeded `cfg-if` dependency ([#2553])
+- **attributes**: Updated [`syn`] dependency to 2.0 ([#2516])
+
+### Fixed
+
+- **attributes**: Fix `clippy::unreachable` warnings in `#[instrument]`-generated code ([#2356])
+- **attributes**: Removed unused "visit" feature flag from `syn` dependency ([#2530])
+
+### Documented
+
+- **attributes**: Documented default level for `#[instrument(err)]` ([#2433])
+- **attributes**: Improved documentation for levels in `#[instrument]` ([#2350])
+
+Thanks to @nitnelave, @jsgf, @Abhicodes-crypto, @LukeMathWalker, @andrewpollack,
+@quad, @klensy, @davidpdrsn, @dbidwell94, @ldm0, @NobodyXu, @ilsv, and @daxpedda
+for contributing to this release!
+
+[`syn`]: https://crates.io/crates/syn
+[attrs-0.1.24]:
+    https://github.com/tokio-rs/tracing/releases/tag/tracing-attributes-0.1.24
+[#2565]: https://github.com/tokio-rs/tracing/pull/2565
+[#2555]: https://github.com/tokio-rs/tracing/pull/2555
+[#2553]: https://github.com/tokio-rs/tracing/pull/2553
+[#2335]: https://github.com/tokio-rs/tracing/pull/2335
+[#2418]: https://github.com/tokio-rs/tracing/pull/2418
+[#2516]: https://github.com/tokio-rs/tracing/pull/2516
+[#2356]: https://github.com/tokio-rs/tracing/pull/2356
+[#2530]: https://github.com/tokio-rs/tracing/pull/2530
+[#2433]: https://github.com/tokio-rs/tracing/pull/2433
+[#2350]: https://github.com/tokio-rs/tracing/pull/2350
+
 # 0.1.37 (October 6, 2022)
 
 This release of `tracing` incorporates changes from `tracing-core`
diff --git a/tracing/Cargo.toml b/tracing/Cargo.toml
index 234c4ce0d5..cfa60ac7c8 100644
--- a/tracing/Cargo.toml
+++ b/tracing/Cargo.toml
@@ -8,7 +8,7 @@ name = "tracing"
 #   - README.md
 # - Update CHANGELOG.md.
 # - Create "v0.1.x" git tag
-version = "0.1.37"
+version = "0.1.38"
 authors = ["Eliza Weisman <eliza@buoyant.io>", "Tokio Contributors <team@tokio.rs>"]
 license = "MIT"
 readme = "README.md"
@@ -30,7 +30,7 @@ rust-version = "1.56.0"
 [dependencies]
 tracing-core = { path = "../tracing-core", version = "0.1.30", default-features = false }
 log = { version = "0.4.17", optional = true }
-tracing-attributes = { path = "../tracing-attributes", version = "0.1.23", optional = true }
+tracing-attributes = { path = "../tracing-attributes", version = "0.1.24", optional = true }
 pin-project-lite = "0.2.9"
 
 [dev-dependencies]
diff --git a/tracing/README.md b/tracing/README.md
index 1de6560a66..443e51458d 100644
--- a/tracing/README.md
+++ b/tracing/README.md
@@ -98,7 +98,7 @@ fn main() {
 ```toml
 [dependencies]
 tracing = "0.1"
-tracing-subscriber = "0.2.0"
+tracing-subscriber = "0.3.0"
 ```
 
 This subscriber will be used as the default in all threads for the remainder of the duration
@@ -250,7 +250,7 @@ my_future
 is as long as the future's.
 
 The second, and preferred, option is through the
-[`#[instrument]`](https://docs.rs/tracing/0.1.37/tracing/attr.instrument.html)
+[`#[instrument]`](https://docs.rs/tracing/0.1.38/tracing/attr.instrument.html)
 attribute:
 
 ```rust
@@ -297,7 +297,7 @@ span.in_scope(|| {
 // Dropping the span will close it, indicating that it has ended.
 ```
 
-The [`#[instrument]`](https://docs.rs/tracing/0.1.37/tracing/attr.instrument.html) attribute macro
+The [`#[instrument]`](https://docs.rs/tracing/0.1.38/tracing/attr.instrument.html) attribute macro
 can reduce some of this boilerplate:
 
 ```rust
diff --git a/tracing/src/lib.rs b/tracing/src/lib.rs
index e7f52ba0ea..5b85cb0b6b 100644
--- a/tracing/src/lib.rs
+++ b/tracing/src/lib.rs
@@ -817,7 +817,7 @@
 //!
 //!   ```toml
 //!   [dependencies]
-//!   tracing = { version = "0.1.37", default-features = false }
+//!   tracing = { version = "0.1.38", default-features = false }
 //!   ```
 //!
 //! <pre class="ignore" style="white-space:normal;font:inherit;">