diff --git a/CHANGELOG.md b/CHANGELOG.md
index c12dfb48e69..b25b2715c3c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.23.0 (2023-02-10)
+
 This release is a notable release for metrics:
 
 * The base2 exponential histogram aggregation has been marked as stable. To use, configure
diff --git a/version.gradle.kts b/version.gradle.kts
index 67ee264cee4..eb706796aee 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,7 +1,7 @@
 val snapshot = true
 
 allprojects {
-  var ver = "1.23.0"
+  var ver = "1.24.0"
   val release = findProperty("otel.release")
   if (release != null) {
     ver += "-" + release