diff --git a/CITATION.cff b/CITATION.cff
index cf4c05b83..60fa81a07 100644
--- a/CITATION.cff
+++ b/CITATION.cff
@@ -1,6 +1,6 @@
 cff-version: 1.2.0
 title: "ARK: A GPU-driven system framework for scalable AI applications"
-version: 0.2.1
+version: 0.3.0
 message: >-
   If you use this project in your research, please cite it as below.
 authors:
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 2348ad095..061d80f30 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -2,8 +2,8 @@
 # Licensed under the MIT license.
 
 set(ARK_MAJOR "0")
-set(ARK_MINOR "2")
-set(ARK_PATCH "1")
+set(ARK_MINOR "3")
+set(ARK_PATCH "0")
 
 set(ARK_VERSION "${ARK_MAJOR}.${ARK_MINOR}.${ARK_PATCH}")
 set(ARK_SOVERSION "${ARK_MAJOR}.${ARK_MINOR}")
diff --git a/README.md b/README.md
index a6de8e235..81e3cf73f 100644
--- a/README.md
+++ b/README.md
@@ -21,35 +21,15 @@ ARK provides a set of APIs for users to express their distributed deep learning
 
 ARK is under active development and a part of its features will be added in a future release. The following describes key features of each version.
 
-### New in ARK v0.2 (Latest Release)
+### New in ARK v0.3 (Latest Release)
 
-* Change the `Tensor` interface to expose the underlying buffer
-* Extend communication interfaces to support more communication operators
-* Add many new operators
-* Upgrade CUTLASS to v3.2.0
-* Change the Python `Runtime.run()` interface
-* Add a new parallel matmul example
-* Update the documentation
-* Improve unit tests
-* Add an Azure pipeline for unit tests
-* Add code coverage
-* Many bug fixes
+* TBU
 
-See details from https://github.com/microsoft/ark/issues/61.
-
-### ARK v0.3 (TBU, Oct. 2023)
-
-* A simple operator scheduler for debugging
-* Simpler communication interfaces
-* Support more operators
-* More inference examples
+See details from https://github.com/microsoft/ark/issues/113.
 
 ### ARK v0.4 (TBU, Nov. 2023)
 
-* Full support for the operator profiler
-* High-performance collective communication
-* Support more operators
-* More inference & training examples
+* TBU
 
 ## Contributing
 
diff --git a/ark/include/ark.h b/ark/include/ark.h
index 64e51e186..0c6e23556 100644
--- a/ark/include/ark.h
+++ b/ark/include/ark.h
@@ -10,8 +10,8 @@
 #include <vector>
 
 #define ARK_MAJOR 0
-#define ARK_MINOR 2
-#define ARK_PATCH 1
+#define ARK_MINOR 3
+#define ARK_PATCH 0
 #define ARK_VERSION (ARK_MAJOR * 10000 + ARK_MINOR * 100 + ARK_PATCH)
 
 namespace ark {
diff --git a/docs/sphinx/source/conf.py b/docs/sphinx/source/conf.py
index 86424827b..5458089cf 100644
--- a/docs/sphinx/source/conf.py
+++ b/docs/sphinx/source/conf.py
@@ -20,8 +20,8 @@
 project = "ARK"
 copyright = "2023, ARK Team"
 author = "ARK Team"
-version = "0.2.1"
-release = "0.2.1"
+version = "0.3.0"
+release = "0.3.0"
 
 # -- General configuration ---------------------------------------------------
 
diff --git a/pyproject.toml b/pyproject.toml
index 6ac10808c..2b61a5283 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "scikit_build_core.build"
 
 [project]
 name = "ark"
-version = "0.2.1"
+version = "0.3.0"
 
 [tool.scikit-build]
 cmake.minimum-version = "3.25"