diff --git a/neural_compressor/version.py b/neural_compressor/version.py
index 3e0bff6aeb1..69ffef5d234 100644
--- a/neural_compressor/version.py
+++ b/neural_compressor/version.py
@@ -15,4 +15,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 """Intel® Neural Compressor: An open-source Python library supporting popular model compression techniques."""
-__version__ = "3.0"
+__version__ = "3.1"