diff --git a/Cargo.lock b/Cargo.lock
index 5351b6c44..35a4f4ed4 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -179,7 +179,7 @@ checksum = "baf1de4339761588bc0619e3cbc0120ee582ebb74b53b4efbf79117bd2da40fd"
 
 [[package]]
 name = "cloud-hypervisor"
-version = "31.1.0"
+version = "31.2.0"
 dependencies = [
  "anyhow",
  "api_client",
diff --git a/Cargo.toml b/Cargo.toml
index b5364eb61..f8b7e0eac 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "cloud-hypervisor"
-version = "31.1.0"
+version = "31.2.0"
 authors = ["The Cloud Hypervisor Authors"]
 edition = "2021"
 default-run = "cloud-hypervisor"
diff --git a/release-notes.md b/release-notes.md
index 2d6af773f..adf7a1b9f 100644
--- a/release-notes.md
+++ b/release-notes.md
@@ -1,3 +1,4 @@
+- [v31.2](#v312)
 - [v31.1](#v311)
 - [v31.0](#v310)
     - [Update to Latest `acpi_tables`](#update-to-latest-acpi_tables)
@@ -277,6 +278,23 @@
     - [Unit testing](#unit-testing)
     - [Integration tests parallelization](#integration-tests-parallelization)
 
+# v31.2
+
+This is a bug fix release. The following issues have been addressed:
+
+* The number of vCPUs is capped at the hypervisor maximum (#5357)
+* Fixes for TTY reset (#5414)
+* CPU topology fixes on MSHV (#5325)
+* Seccomp fixes for older distributions (#5397)
+* Report errors explicitly to users when VM failed to boot (#5453)
+* Fix VFIO on platforms with non-4k page size (#5450, #5469)
+* Fix TDX initialization (#5454)
+* Ensure all guest memory regions are page-size aligned (#5496)
+* Fix seccomp filter lists related to virtio-console, serial and pty
+(#5506, #5524)
+* Populate APIC ID properly (#5512)
+* Ignore and warn TAP FDs in more situations (#5522)
+
 # v31.1
 
 This is a bug fix release. The following issues have been addressed:
diff --git a/vm-migration/src/lib.rs b/vm-migration/src/lib.rs
index 52f603265..aea4d5a32 100644
--- a/vm-migration/src/lib.rs
+++ b/vm-migration/src/lib.rs
@@ -13,7 +13,7 @@ pub mod protocol;
 
 /// Global VMM version for versioning
 const MAJOR_VERSION: u16 = 31;
-const MINOR_VERSION: u16 = 1;
+const MINOR_VERSION: u16 = 2;
 const VMM_VERSION: u16 = MAJOR_VERSION << 12 | MINOR_VERSION & 0b1111;
 
 pub trait VersionMapped {