diff --git a/contrib/spec/podman.spec.in b/contrib/spec/podman.spec.in
index 590a6a21a5..8460b495b3 100644
--- a/contrib/spec/podman.spec.in
+++ b/contrib/spec/podman.spec.in
@@ -44,7 +44,7 @@
 %global shortcommit     %(c=%{commit}; echo ${c:0:7})
 
 Name:           podman
-Version:        0.2.3
+Version:        0.3.1
 Release:        git%{shortcommit}%{?dist}
 Summary:        Manage Pods, Containers and Container Images
 License:        ASL 2.0
diff --git a/version/version.go b/version/version.go
index 332f1c0f27..46e2d9a8a8 100644
--- a/version/version.go
+++ b/version/version.go
@@ -1,4 +1,4 @@
 package version
 
 // Version is the version of the build.
-const Version = "0.2.3-dev"
+const Version = "0.3.1"