diff --git a/CHANGELOG.md b/CHANGELOG.md
index e6744eff5..3b33526a8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,6 @@
 # Changelog
 
-## Unreleased
+## Version 1.49.0 (2025-08-22)
 
 ## Version 1.48.0 (2025-07-23)
 
diff --git a/version.gradle.kts b/version.gradle.kts
index e4f74f0e1..1e0dc8724 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.49.0-SNAPSHOT"
-val alphaVersion = "1.49.0-alpha-SNAPSHOT"
+val stableVersion = "1.49.0"
+val alphaVersion = "1.49.0-alpha"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {