diff --git a/Dockerfile.rhel b/Dockerfile.rhel
index 2d5e27a09e6..6840986cd93 100644
--- a/Dockerfile.rhel
+++ b/Dockerfile.rhel
@@ -16,7 +16,7 @@ LABEL com.redhat.component=atomic-openshift-odo-cli-artifacts-container \
     summary="This image contains the Linux, Mac and Windows version of odo"
 
 # Change version as needed. Note no "-" is allowed
-LABEL version=3.1.0
+LABEL version=3.2.0
 
 COPY --from=builder /go/src/github.com/redhat-developer/odo/dist/bin/darwin-amd64/odo /usr/share/redhat-developer/odo/mac/odo
 COPY --from=builder /go/src/github.com/redhat-developer/odo/dist/bin/windows-amd64/odo.exe /usr/share/redhat-developer/odo/windows/odo.exe
diff --git a/build/VERSION b/build/VERSION
index 1c5ae58202b..aa6c896793f 100644
--- a/build/VERSION
+++ b/build/VERSION
@@ -1 +1 @@
-v3.0.0
\ No newline at end of file
+v3.2.0
\ No newline at end of file
diff --git a/pkg/version/version.go b/pkg/version/version.go
index 475eba49589..0b128e12a26 100644
--- a/pkg/version/version.go
+++ b/pkg/version/version.go
@@ -12,7 +12,7 @@ Changing these values will change the versioning information when releasing odo.
 
 var (
 	// VERSION  is version number that will be displayed when running ./odo version
-	VERSION = "v3.1.0"
+	VERSION = "v3.2.0"
 
 	// GITCOMMIT is hash of the commit that will be displayed when running ./odo version
 	// this will be overwritten when running  build like this: go build -ldflags="-X github.com/redhat-developer/odo/cmd.GITCOMMIT=$(GITCOMMIT)"
diff --git a/scripts/rpm-prepare.sh b/scripts/rpm-prepare.sh
index 78cce875806..03a193f82d9 100755
--- a/scripts/rpm-prepare.sh
+++ b/scripts/rpm-prepare.sh
@@ -5,7 +5,7 @@ set +ex
 echo "Reading ODO_VERSION, ODO_RELEASE and GIT_COMMIT env, if they are set"
 # Change version as needed. In most cases ODO_RELEASE would not be touched unless
 # we want to do a re-lease of same version as we are not backport
-export ODO_VERSION=${ODO_VERSION:=3.1.0}
+export ODO_VERSION=${ODO_VERSION:=3.2.0}
 export ODO_RELEASE=${ODO_RELEASE:=1}
 
 export GIT_COMMIT=${GIT_COMMIT:=$(git rev-parse --short HEAD 2>/dev/null)}