diff --git a/CHANGELOG.md b/CHANGELOG.md
index 998a33452..561b9b5bd 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.23.0 (2023-02-22)
+
 ### JFR streaming
 
 - JFR features can be enabled and disabled
diff --git a/version.gradle.kts b/version.gradle.kts
index 85b044d20..ca851e6c2 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.23.0-SNAPSHOT"
-val alphaVersion = "1.23.0-alpha-SNAPSHOT"
+val stableVersion = "1.24.0-SNAPSHOT"
+val alphaVersion = "1.24.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {