diff --git a/README.md b/README.md
index 57c107091..7a632a598 100644
--- a/README.md
+++ b/README.md
@@ -126,6 +126,7 @@ of releases [here](https://github.com/tensorflow/io/releases).
 
 | TensorFlow I/O Version | TensorFlow Compatibility | Release Date |
 | --- | --- | --- |
+| 0.23.0 | 2.7.x | Dec 14, 2021 |
 | 0.22.0 | 2.7.x | Nov 10, 2021 |
 | 0.21.0 | 2.6.x | Sep 12, 2021 |
 | 0.20.0 | 2.6.x | Aug 11, 2021 |
diff --git a/RELEASE.md b/RELEASE.md
index 892f7116f..d3ae2cb54 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -1,3 +1,23 @@
+# Release 0.23.0
+
+## Bug Fixes
+* TensorFlow is not a hard requirement to tensorflow-io, to allow alternative
+  dependency packages like tensorflow-rocm.
+* Migrate azure blob storage binding to azure storage sdk.
+* Fix chunk size initialization in s3 storage.
+* Enable python 3.10 support.
+* IgniteDataset is deprecated and will be removed in future releases.
+
+## Thanks to our Contributors
+
+This release contains contributions from many people:
+
+Jan Bernlöhr, Johnu George, Luca Toscano, Lukas Geiger, Mark McDonald,
+Vansh Sharma, Vignesh Kothapalli, Yong Tang
+
+We are also grateful to all who filed issues or helped resolve them, asked and
+answered questions, and were part of inspiring discussions.
+
 # Release 0.22.0
 
 ## Bug Fixes
diff --git a/tensorflow_io/python/ops/version_ops.py b/tensorflow_io/python/ops/version_ops.py
index 336386814..b6a49936a 100644
--- a/tensorflow_io/python/ops/version_ops.py
+++ b/tensorflow_io/python/ops/version_ops.py
@@ -14,5 +14,5 @@
 # ==============================================================================
 """version_ops"""
 
-version = "0.22.0"
+version = "0.23.0"
 require = "tensorflow>=2.7.0,<2.8.0"