diff --git a/CHANGES.rst b/CHANGES.rst
index 6a3203883..c8916bec1 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,3 +1,8 @@
+2.5.0 (Unreleased)
+------------------
+
+- Added asdf-standard 1.4.0 to the list of supported versions. [#704]
+
 2.4.2 (2019-08-29)
 ------------------
 
diff --git a/asdf-standard b/asdf-standard
index 49ad781b8..c79e0a4b1 160000
--- a/asdf-standard
+++ b/asdf-standard
@@ -1 +1 @@
-Subproject commit 49ad781b8aa8a9d662503e736be5a4f520e5c313
+Subproject commit c79e0a4b13f40f9ce018e8299b5358cecf920a8a
diff --git a/asdf/versioning.py b/asdf/versioning.py
index 08d9b9b07..81df4f3ed 100644
--- a/asdf/versioning.py
+++ b/asdf/versioning.py
@@ -162,7 +162,8 @@ def __hash__(self):
     AsdfVersion('1.0.0'),
     AsdfVersion('1.1.0'),
     AsdfVersion('1.2.0'),
-    AsdfVersion('1.3.0')
+    AsdfVersion('1.3.0'),
+    AsdfVersion('1.4.0')
 ]
 
 default_version = supported_versions[-1]