diff --git a/CMakeLists.txt b/CMakeLists.txt
index ce1671dc7..89e3eadf8 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -122,7 +122,7 @@ if(BUILD_ADDRESS_SANITIZER)
 endif()
 
 # Setup VERSION
-rocm_setup_version(VERSION "3.0.1")
+rocm_setup_version(VERSION "3.1.0")
 
 # Print configuration summary
 include(cmake/Summary.cmake)