diff --git a/CHANGELOG.md b/CHANGELOG.md
index fa0d0833e..410e248eb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.49.0 (2025-08-22)
+
 ### Consistent sampling
 
 - Add updateable threshold sampler for dynamic sampling configuration
diff --git a/version.gradle.kts b/version.gradle.kts
index e4f74f0e1..9ea6b805e 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 = "1.50.0-SNAPSHOT"
+val alphaVersion = "1.50.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {