diff --git a/docs/release_notes.rst b/docs/release_notes.rst
index f56f0dda6..68b3721a7 100644
--- a/docs/release_notes.rst
+++ b/docs/release_notes.rst
@@ -5,8 +5,11 @@ Being an experimental research framework, Mitsuba 3 does not strictly follow the
 `Semantic Versioning <https://semver.org/>`_ convention. That said, we will
 strive to document breaking API changes in the release notes below.
 
-Incoming release
-----------------
+
+Mitsuba 3.2.1
+-------------
+
+*February 22, 2023*
 
 - Upgrade Dr.Jit to v0.4.1
 - ``Film`` plugins can now have error-compensated accumulation in JIT modes 
diff --git a/include/mitsuba/mitsuba.h b/include/mitsuba/mitsuba.h
index 28f165b8f..f717ecf30 100644
--- a/include/mitsuba/mitsuba.h
+++ b/include/mitsuba/mitsuba.h
@@ -10,7 +10,7 @@
 
 #define MI_VERSION_MAJOR 3
 #define MI_VERSION_MINOR 2
-#define MI_VERSION_PATCH 0
+#define MI_VERSION_PATCH 1
 
 #define MI_STRINGIFY(x) #x
 #define MI_TOSTRING(x)  MI_STRINGIFY(x)