diff --git a/Cargo.lock b/Cargo.lock
index c93ebc074..bb02da011 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -179,7 +179,7 @@ checksum = "baf1de4339761588bc0619e3cbc0120ee582ebb74b53b4efbf79117bd2da40fd"
 
 [[package]]
 name = "cloud-hypervisor"
-version = "32.0.0"
+version = "32.1.0"
 dependencies = [
  "anyhow",
  "api_client",
diff --git a/Cargo.toml b/Cargo.toml
index 69ce35d91..c890f5ed4 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "cloud-hypervisor"
-version = "32.0.0"
+version = "32.1.0"
 authors = ["The Cloud Hypervisor Authors"]
 edition = "2021"
 default-run = "cloud-hypervisor"
diff --git a/release-notes.md b/release-notes.md
index f24de855c..cadc0a1da 100644
--- a/release-notes.md
+++ b/release-notes.md
@@ -1,3 +1,4 @@
+- [v32.1](#v321)
 - [v32.0](#v320)
     - [Increased PCI Segment Limit](#increased-pci-segment-limit)
     - [API Changes](#api-changes)
@@ -282,6 +283,19 @@
     - [Unit testing](#unit-testing)
     - [Integration tests parallelization](#integration-tests-parallelization)
 
+# v32.1
+
+This is a bug fix release. The following issues have been addressed:
+
+* 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)
+
 # v32.0
 
 This release has been tracked in our [roadmap
diff --git a/vm-migration/src/lib.rs b/vm-migration/src/lib.rs
index e0f5c97f1..bb67eac63 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 = 32;
-const MINOR_VERSION: u16 = 0;
+const MINOR_VERSION: u16 = 1;
 const VMM_VERSION: u16 = MAJOR_VERSION << 12 | MINOR_VERSION & 0b1111;
 
 pub trait VersionMapped {