diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7d5ee582a..588e8c133 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,11 +5,7 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/)
 and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.html).
 
 
-## Unreleased
-
-### Added
-
-### Changed
+## 0.31.1 - 2022-01-17
 
 ### Fixed
 - `axi_xbar`: Fix signal width for single master port.  Before this fix, a crossbar instantiated
diff --git a/VERSION b/VERSION
index 3ea3c5688..f176c9441 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.31.1-dev
+0.31.1
diff --git a/axi.core b/axi.core
index aa005f6d0..e748d1963 100644
--- a/axi.core
+++ b/axi.core
@@ -1,6 +1,6 @@
 CAPI=2:
 
-name : pulp-platform.org::axi:0.31.1-dev
+name : pulp-platform.org::axi:0.31.1
 
 filesets:
   rtl: