diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4d373efa75..c4ae82fe0a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,14 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
+## [0.18.0] - XXX. XX, 2024
+
+### Added
+
+### Change
+
+### Fixed
+
 ## [0.17.0] - May. XX, 2024
 
 This release features updated documentation web-page https://intelpython.github.io/dpctl/latest/index.html, adds cumulative reductions,
diff --git a/CMakeLists.txt b/CMakeLists.txt
index a26df13e63..eeb43b1cdd 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -1,7 +1,7 @@
 cmake_minimum_required(VERSION 3.21...3.27 FATAL_ERROR)
 
 project(dpctl
-    VERSION 0.15
+    VERSION 0.18
     LANGUAGES CXX
     DESCRIPTION "Python interface for XPU programming"
 )