diff --git a/CMakeLists.txt b/CMakeLists.txt
index a2421ac54..ae95734cb 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -6,7 +6,7 @@ cmake_minimum_required(VERSION 2.8.5)
 project(OpenBLAS C ASM)
 set(OpenBLAS_MAJOR_VERSION 0)
 set(OpenBLAS_MINOR_VERSION 3)
-set(OpenBLAS_PATCH_VERSION 1.dev)
+set(OpenBLAS_PATCH_VERSION 1)
 set(OpenBLAS_VERSION "${OpenBLAS_MAJOR_VERSION}.${OpenBLAS_MINOR_VERSION}.${OpenBLAS_PATCH_VERSION}")
 
 # Adhere to GNU filesystem layout conventions
diff --git a/Makefile.rule b/Makefile.rule
index 649aabe70..e0f48397f 100644
--- a/Makefile.rule
+++ b/Makefile.rule
@@ -3,7 +3,7 @@
 #
 
 # This library's version
-VERSION = 0.3.1.dev
+VERSION = 0.3.1
 
 # If you set the suffix, the library name will be libopenblas_$(LIBNAMESUFFIX).a
 # and libopenblas_$(LIBNAMESUFFIX).so. Meanwhile, the soname in shared library