diff --git a/CHANGELOG.md b/CHANGELOG.md
index 339b23fbcf..e2bc99bb3b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,7 +2,7 @@
 All notable changes to this project will be documented in this file.
 This project adheres to [Semantic Versioning](https://semver.org/).
 
-## Unreleased
+## [0.48.1] - 2023-01-03
 
 ### Added
 
@@ -1453,6 +1453,7 @@ set in `[*{kt,kts}]` section).
 
 ## 0.1.0 - 2016-07-27
 
+[0.48.1]: https://github.com/pinterest/ktlint/compare/0.48.0...0.48.1
 [0.48.0]: https://github.com/pinterest/ktlint/compare/0.47.1...0.48.0
 [0.47.1]: https://github.com/pinterest/ktlint/compare/0.47.0...0.47.1
 [0.47.0]: https://github.com/pinterest/ktlint/compare/0.46.1...0.47.0
diff --git a/gradle.properties b/gradle.properties
index 14e282e1b5..0fd78ad358 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,4 +1,4 @@
-VERSION_NAME=0.49.0-SNAPSHOT
+VERSION_NAME=0.48.1
 GROUP=com.pinterest.ktlint
 
 POM_DESCRIPTION=An anti-bikeshedding Kotlin linter with built-in formatter.