diff --git a/rclpy/CHANGELOG.rst b/rclpy/CHANGELOG.rst
index cce48b1cf..a83374a2a 100644
--- a/rclpy/CHANGELOG.rst
+++ b/rclpy/CHANGELOG.rst
@@ -2,8 +2,8 @@
 Changelog for package rclpy
 ^^^^^^^^^^^^^^^^^^^^^^^^^^^
 
-Forthcoming
------------
+7.4.0 (2024-06-25)
+------------------
 * Add top-level try_shutdown method. (`#1302 <https://github.com/ros2/rclpy/issues/1302>`_)
 * Make rclpy initialization context-manager aware. (`#1298 <https://github.com/ros2/rclpy/issues/1298>`_)
 * Contributors: Chris Lalancette
diff --git a/rclpy/package.xml b/rclpy/package.xml
index 5fc2e1a79..3d608f1a1 100644
--- a/rclpy/package.xml
+++ b/rclpy/package.xml
@@ -2,7 +2,7 @@
 <?xml-model href="http://download.ros.org/schema/package_format2.xsd" schematypens="http://www.w3.org/2001/XMLSchema"?>
 <package format="2">
   <name>rclpy</name>
-  <version>7.3.0</version>
+  <version>7.4.0</version>
   <description>Package containing the Python client.</description>
 
   <maintainer email="sloretz@openrobotics.org">Shane Loretz</maintainer>