diff --git a/RELEASES.md b/RELEASES.md
index ad9f25df7a..6b1304f204 100644
--- a/RELEASES.md
+++ b/RELEASES.md
@@ -8,7 +8,10 @@ This file contains work-in-progress notes for the upcoming release, as well as p
 Please check the [releases](https://github.com/leanprover/lean4/releases) page for the current status
 of each version.
 
-v4.7.0 (development in progress)
+v4.8.0 (development in progress)
+---------
+
+v4.7.0
 ---------
 
 * `simp` and `rw` now use instance arguments found by unification,
diff --git a/src/CMakeLists.txt b/src/CMakeLists.txt
index 2c72e974f3..75f0a82dba 100644
--- a/src/CMakeLists.txt
+++ b/src/CMakeLists.txt
@@ -9,7 +9,7 @@ endif()
 include(ExternalProject)
 project(LEAN CXX C)
 set(LEAN_VERSION_MAJOR 4)
-set(LEAN_VERSION_MINOR 7)
+set(LEAN_VERSION_MINOR 8)
 set(LEAN_VERSION_PATCH 0)
 set(LEAN_VERSION_IS_RELEASE 0)  # This number is 1 in the release revision, and 0 otherwise.
 set(LEAN_SPECIAL_VERSION_DESC "" CACHE STRING "Additional version description like 'nightly-2018-03-11'")