diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3190fe95d..0a687f6ae 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,9 +8,18 @@ Remember to align the itemized text with the first line of an item within a list
 PLEASE REMEMBER TO CHANGE THE '..main' WITH AN ACTUAL TAG in GITHUB LINK.
 -->
 
+## jax 0.3.1 (Unreleased)
+* [GitHub
+  commits](https://github.com/google/jax/compare/jax-v0.3.0...main).
+
+
+## jaxlib 0.3.1 (Unreleased)
+* Changes
+
+
 ## jax 0.3.0 (Feb 10, 2022)
 * [GitHub
-  commits](https://github.com/google/jax/compare/jax-v0.2.28...main).
+  commits](https://github.com/google/jax/compare/jax-v0.2.28...jax-v0.3.0).
 
 * Changes
   * jax version has been bumped to 0.3.0. Please see the [design doc](https://jax.readthedocs.io/en/latest/design_notes/jax_versioning.html)
diff --git a/jax/version.py b/jax/version.py
index 4bd8189f9..ba0e675e8 100644
--- a/jax/version.py
+++ b/jax/version.py
@@ -12,6 +12,6 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "0.3.0"
+__version__ = "0.3.1"
 
 _minimum_jaxlib_version = "0.1.74"
diff --git a/jaxlib/version.py b/jaxlib/version.py
index a53cf2afc..f12e1ed6e 100644
--- a/jaxlib/version.py
+++ b/jaxlib/version.py
@@ -17,4 +17,4 @@
 # reflect the most recent available binaries.
 # __version__ should be increased after releasing the current version
 # (i.e. on main, this is always the next version to be released).
-__version__ = "0.3.0"
+__version__ = "0.3.1"
diff --git a/setup.py b/setup.py
index b7b1afd92..7508dc8ba 100644
--- a/setup.py
+++ b/setup.py
@@ -16,7 +16,7 @@ from setuptools import setup, find_packages
 
 _current_jaxlib_version = '0.3.0'
 # The following should be updated with each new jaxlib release.
-_latest_jaxlib_version_on_pypi = '0.1.76'
+_latest_jaxlib_version_on_pypi = '0.3.0'
 _available_cuda_versions = ['11']
 _default_cuda_version = '11'
 _available_cudnn_versions = ['82', '805']