diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2926d200..af4a8ddf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,21 +6,19 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
 
-## [UnReleased] - 2023-MM-DD
+## [0.7.1] - 2023-02-23
 
 ### Added
 
 - CI: guardian as parametrization closure ([#111](https://github.com/Lightning-AI/utilities/pull/111))
 
-
 ### Changed
 
 - CI: allow specify typing extra ([#110](https://github.com/Lightning-AI/utilities/pull/110))
 
-
 ### Fixed
 
-- More resilient RequirementCache that checks for module import-ability ([#112](https://github.com/Lightning-AI/utilities/pull/112))
+- More resilient `RequirementCache` that checks for module import-ability ([#112](https://github.com/Lightning-AI/utilities/pull/112))
 
 
 ## [0.7.0] - 2023-02-20
diff --git a/src/lightning_utilities/__about__.py b/src/lightning_utilities/__about__.py
index 7e72bb77..41ee7a69 100644
--- a/src/lightning_utilities/__about__.py
+++ b/src/lightning_utilities/__about__.py
@@ -1,6 +1,6 @@
 import time
 
-__version__ = "0.7.0"
+__version__ = "0.7.1"
 __author__ = "Lightning AI et al."
 __author_email__ = "pytorch@lightning.ai"
 __license__ = "Apache-2.0"