diff --git a/CHANGELOG.md b/CHANGELOG.md
index 51d5277ab..ca4f7b3ad 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.46.0 (2025-04-11)
+
 ### Baggage processor
 
 - Remove the deprecated and unused bare Predicate
diff --git a/version.gradle.kts b/version.gradle.kts
index 53c94ec29..0ae7508cb 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.46.0-SNAPSHOT"
-val alphaVersion = "1.46.0-alpha-SNAPSHOT"
+val stableVersion = "1.47.0-SNAPSHOT"
+val alphaVersion = "1.47.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {