diff --git a/CHANGELOG.md b/CHANGELOG.md
index c278bc957e9..9130f9a9dbf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,24 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/) a
 
 ## [Unreleased]
 
+## [0.16.0] - 2023-10-30
+
+### Added
+
+- `InterpolatedMatchLastLineNode#options` and `MatchLastLineNode#options` are added, which are the same methods as are exposed on `InterpolatedRegularExpressionNode` and `RegularExpressionNode`.
+- The project can now be compiled with `wasi-sdk` to expose a WebAssembly interface.
+- `ArgumentsNode#keyword_splat?` is added to indicate if the arguments node has a keyword splat.
+- The C API `pm_prettyprint` has a much improved output which lines up closely with `Node#inspect`.
+- Prism now ships with `RBS` and `RBI` type signatures (in the `/sig` and `/rbi` directories, respectively).
+- `Prism::parse_comments` and `Prism::parse_file_comments` APIs are added to extract only the comments from the source code.
+
+### Changed
+
+- **BREAKING**: `Multi{Target,Write}Node#targets` is split up now into `lefts`, `rest`, and `rights`. This is to avoid having to scan the list in the case that there are splat nodes.
+- Some bugs are fixed on `Multi{Target,Write}Node` accidentally creating additional nesting when not necessary.
+- **BREAKING**: `RequiredDestructuredParameterNode` has been removed in favor of using `MultiTargetNode` in those places.
+- **BREAKING**: `HashPatternNode#assocs` has been renamed to `HashPatternNode#elements`. `HashPatternNode#kwrest` has been renamed to `HashPatternNode#rest`.
+
 ## [0.15.1] - 2023-10-18
 
 ### Changed
@@ -201,7 +219,8 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/) a
 
 - 🎉 Initial release! 🎉
 
-[unreleased]: https://github.com/ruby/prism/compare/v0.15.1...HEAD
+[unreleased]: https://github.com/ruby/prism/compare/v0.16.0...HEAD
+[0.16.0]: https://github.com/ruby/prism/compare/v0.15.1...v0.16.0
 [0.15.1]: https://github.com/ruby/prism/compare/v0.15.0...v0.15.1
 [0.15.0]: https://github.com/ruby/prism/compare/v0.14.0...v0.15.0
 [0.14.0]: https://github.com/ruby/prism/compare/v0.13.0...v0.14.0
diff --git a/Gemfile.lock b/Gemfile.lock
index 7ff67191afa..08db1e4aaed 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -1,7 +1,7 @@
 PATH
   remote: .
   specs:
-    prism (0.15.1)
+    prism (0.16.0)
 
 GEM
   remote: https://rubygems.org/
diff --git a/README.md b/README.md
index ca541600ca0..2d07c7ed9f8 100644
--- a/README.md
+++ b/README.md
@@ -87,6 +87,7 @@ See the [CONTRIBUTING.md](CONTRIBUTING.md) file for more information. We additio
 * [Heredocs](docs/heredocs.md)
 * [JavaScript](docs/javascript.md)
 * [Mapping](docs/mapping.md)
+* [Releasing](docs/releasing.md)
 * [Ripper](docs/ripper.md)
 * [Ruby API](docs/ruby_api.md)
 * [Serialization](docs/serialization.md)
diff --git a/docs/releasing.md b/docs/releasing.md
new file mode 100644
index 00000000000..2887365894f
--- /dev/null
+++ b/docs/releasing.md
@@ -0,0 +1,27 @@
+# Releasing
+
+To release a new version of Prism, perform the following steps:
+
+## Preparation
+
+* Update the CHANGELOG.md file.
+  * Add a new section for the new version at the top of the file.
+  * Fill in the relevant changes — it may be easiest to click the link for the `Unreleased` heading to find the commits.
+  * Update the links at the bottom of the file.
+* Update the version in the following files:
+  * `prism.gemspec` in the `Gem::Specification#version=` method call
+  * `ext/prism/extension.h` in the `EXPECTED_PRISM_VERSION` macro
+  * `include/prism/version.h` in the version macros
+  * `javascript/package.json` in the `version` field
+  * `rust/prism-sys/tests/utils_tests.rs` in the `version_test` function
+  * `templates/java/org/prism/Loader.java.erb` in the `load` function
+  * `templates/javascript/src/deserialize.js.erb` in the version constants
+  * `templates/lib/prism/serialize.rb.erb` in the version constants
+* Run `bundle install` to update the `Gemfile.lock` file.
+* Update `rust/prism-sys/Cargo.toml` to match the new version and run `cargo build`
+* Update `rust/prism/Cargo.toml` to match the new version and run `cargo build`
+* Commit all of the updated files.
+
+## Publishing
+
+* Run `bundle exec rake release` to publish the gem to [rubygems.org](rubygems.org). Note that you must have access to the `prism` gem to do this.
diff --git a/ext/prism/extension.h b/ext/prism/extension.h
index e881d89b8e5..45d446bc409 100644
--- a/ext/prism/extension.h
+++ b/ext/prism/extension.h
@@ -1,7 +1,7 @@
 #ifndef PRISM_EXT_NODE_H
 #define PRISM_EXT_NODE_H
 
-#define EXPECTED_PRISM_VERSION "0.15.1"
+#define EXPECTED_PRISM_VERSION "0.16.0"
 
 #include <ruby.h>
 #include <ruby/encoding.h>
diff --git a/include/prism/version.h b/include/prism/version.h
index 55ed5da7038..9a72a1dbdfa 100644
--- a/include/prism/version.h
+++ b/include/prism/version.h
@@ -1,4 +1,4 @@
 #define PRISM_VERSION_MAJOR 0
-#define PRISM_VERSION_MINOR 15
-#define PRISM_VERSION_PATCH 1
-#define PRISM_VERSION "0.15.1"
+#define PRISM_VERSION_MINOR 16
+#define PRISM_VERSION_PATCH 0
+#define PRISM_VERSION "0.16.0"
diff --git a/javascript/package.json b/javascript/package.json
index b71c27597e3..b3fda11b4cf 100644
--- a/javascript/package.json
+++ b/javascript/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@ruby/prism",
-  "version": "0.15.2",
+  "version": "0.16.0",
   "description": "Prism Ruby parser",
   "type": "module",
   "main": "src/index.js",
diff --git a/prism.gemspec b/prism.gemspec
index 76f5237783c..f93035aa187 100644
--- a/prism.gemspec
+++ b/prism.gemspec
@@ -2,7 +2,7 @@
 
 Gem::Specification.new do |spec|
   spec.name = "prism"
-  spec.version = "0.15.1"
+  spec.version = "0.16.0"
   spec.authors = ["Shopify"]
   spec.email = ["ruby@shopify.com"]
 
@@ -31,6 +31,7 @@ Gem::Specification.new do |spec|
     "docs/javascript.md",
     "docs/mapping.md",
     "docs/prism.png",
+    "docs/releasing.md",
     "docs/ripper.md",
     "docs/ruby_api.md",
     "docs/serialization.md",
diff --git a/rust/prism-sys/Cargo.lock b/rust/prism-sys/Cargo.lock
index c267143c9cc..e1567e36114 100644
--- a/rust/prism-sys/Cargo.lock
+++ b/rust/prism-sys/Cargo.lock
@@ -167,7 +167,7 @@ dependencies = [
 
 [[package]]
 name = "prism-sys"
-version = "0.15.1"
+version = "0.16.0"
 dependencies = [
  "bindgen",
  "cc",
diff --git a/rust/prism-sys/Cargo.toml b/rust/prism-sys/Cargo.toml
index 03edcc58744..8d0180d0bc1 100644
--- a/rust/prism-sys/Cargo.toml
+++ b/rust/prism-sys/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "prism-sys"
-version = "0.15.1"
+version = "0.16.0"
 edition = "2021"
 license-file = "../../LICENSE.md"
 repository = "https://github.com/ruby/prism"
diff --git a/rust/prism-sys/tests/utils_tests.rs b/rust/prism-sys/tests/utils_tests.rs
index f402cb00d7f..840da9356fc 100644
--- a/rust/prism-sys/tests/utils_tests.rs
+++ b/rust/prism-sys/tests/utils_tests.rs
@@ -12,7 +12,7 @@ fn version_test() {
         CStr::from_ptr(version)
     };
 
-    assert_eq!(&cstring.to_string_lossy(), "0.15.1");
+    assert_eq!(&cstring.to_string_lossy(), "0.16.0");
 }
 
 #[test]
diff --git a/rust/prism/Cargo.lock b/rust/prism/Cargo.lock
index 1092753bed5..1a659faa063 100644
--- a/rust/prism/Cargo.lock
+++ b/rust/prism/Cargo.lock
@@ -195,7 +195,7 @@ dependencies = [
 
 [[package]]
 name = "prism"
-version = "0.15.1"
+version = "0.16.0"
 dependencies = [
  "prism-sys",
  "serde",
@@ -204,7 +204,7 @@ dependencies = [
 
 [[package]]
 name = "prism-sys"
-version = "0.15.1"
+version = "0.16.0"
 dependencies = [
  "bindgen",
  "cc",
diff --git a/rust/prism/Cargo.toml b/rust/prism/Cargo.toml
index 8fd7c60f1cd..326ee079923 100644
--- a/rust/prism/Cargo.toml
+++ b/rust/prism/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "prism"
-version = "0.15.1"
+version = "0.16.0"
 edition = "2021"
 license-file = "../../LICENSE.md"
 repository = "https://github.com/ruby/prism"
diff --git a/templates/java/org/prism/Loader.java.erb b/templates/java/org/prism/Loader.java.erb
index 73ea8ae1bff..d15c38b3a1f 100644
--- a/templates/java/org/prism/Loader.java.erb
+++ b/templates/java/org/prism/Loader.java.erb
@@ -96,8 +96,8 @@ public class Loader {
         expect((byte) 'M', "incorrect prism header");
 
         expect((byte) 0, "prism version does not match");
-        expect((byte) 15, "prism version does not match");
-        expect((byte) 1, "prism version does not match");
+        expect((byte) 16, "prism version does not match");
+        expect((byte) 0, "prism version does not match");
 
         expect((byte) 1, "Loader.java requires no location fields in the serialized output");
 
diff --git a/templates/javascript/src/deserialize.js.erb b/templates/javascript/src/deserialize.js.erb
index 98789412992..610659d8a18 100644
--- a/templates/javascript/src/deserialize.js.erb
+++ b/templates/javascript/src/deserialize.js.erb
@@ -1,8 +1,8 @@
 import * as nodes from "./nodes.js";
 
 const MAJOR_VERSION = 0;
-const MINOR_VERSION = 15;
-const PATCH_VERSION = 1;
+const MINOR_VERSION = 16;
+const PATCH_VERSION = 0;
 
 class SerializationBuffer {
   constructor(source, array) {
diff --git a/templates/lib/prism/serialize.rb.erb b/templates/lib/prism/serialize.rb.erb
index 7f8b61ddfe8..4ee474671a4 100644
--- a/templates/lib/prism/serialize.rb.erb
+++ b/templates/lib/prism/serialize.rb.erb
@@ -14,8 +14,8 @@ end
 module Prism
   module Serialize
     MAJOR_VERSION = 0
-    MINOR_VERSION = 15
-    PATCH_VERSION = 1
+    MINOR_VERSION = 16
+    PATCH_VERSION = 0
 
     def self.load(input, serialized)
       input = input.dup