diff --git a/CMakeLists.txt b/CMakeLists.txt
index 2ace973a1..9bb2141a2 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -34,7 +34,7 @@ endif()
 ################################################################################
 set(Z3_VERSION_MAJOR 4)
 set(Z3_VERSION_MINOR 8)
-set(Z3_VERSION_PATCH 0)
+set(Z3_VERSION_PATCH 1)
 set(Z3_VERSION_TWEAK 0)
 set(Z3_VERSION "${Z3_VERSION_MAJOR}.${Z3_VERSION_MINOR}.${Z3_VERSION_PATCH}.${Z3_VERSION_TWEAK}")
 set(Z3_FULL_VERSION_STR "${Z3_VERSION}") # Note this might be modified
diff --git a/scripts/mk_project.py b/scripts/mk_project.py
index 1ec5f05b5..d94089a9c 100644
--- a/scripts/mk_project.py
+++ b/scripts/mk_project.py
@@ -9,7 +9,7 @@ from mk_util import *
 
 # Z3 Project definition
 def init_project_def():
-    set_version(4, 8, 0, 0)
+    set_version(4, 8, 1, 0)
     add_lib('util', [], includes2install = ['z3_version.h'])
     add_lib('polynomial', ['util'], 'math/polynomial')
     add_lib('sat', ['util'])