diff --git a/CITATION.cff b/CITATION.cff
index 60fa81a07..4db4e8dd3 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: 0.3.0
+version: 0.4.0
 message: >-
   If you use this project in your research, please cite it as below.
 authors:
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 51a35bffe..de215cfe4 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -2,7 +2,7 @@
 # Licensed under the MIT license.
 
 set(ARK_MAJOR "0")
-set(ARK_MINOR "3")
+set(ARK_MINOR "4")
 set(ARK_PATCH "0")
 
 set(ARK_VERSION "${ARK_MAJOR}.${ARK_MINOR}.${ARK_PATCH}")
diff --git a/README.md b/README.md
index 2f238537e..4ec5af8ab 100644
--- a/README.md
+++ b/README.md
@@ -28,22 +28,17 @@ 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 v0.3 (Latest Release)
+### New in ARK v0.4 (Latest Release)
 
-* Enable heuristic model graph optimization
-* Revise Python interfaces
-* Add more operators & support mixed-precision models & support `bfloat16`
-* Add a Llama2-7B example
-* Fix connection setup bugs for large & distributed models
-* Fix correctness bugs from a few operators
-* Minor scheduler improvements
+* Support AMD GPUs (CDNA2, single-GPU only)
+* Add high-performance AllReduce & AllGather algorithms with MSLL
+* Fix major bugs in the scheduler
 
-See details from https://github.com/microsoft/ark/issues/113.
+See details from https://github.com/microsoft/ark/issues/137.
 
-### ARK v0.4 (TBU, Nov. 2023)
+### ARK v0.5 (TBU, Dec. 2023)
 
-* Support AMD GPUs
-* Add high-performance AllReduce & AllGather algorithms
+* Multi-GPU support for AMD GPUs
 * Add multi-GPU LLM examples
 * Improve Python unit tests & code coverage
 
diff --git a/ark/include/ark.h b/ark/include/ark.h
index 2ae2971ac..61cc3288b 100644
--- a/ark/include/ark.h
+++ b/ark/include/ark.h
@@ -10,7 +10,7 @@
 #include <vector>
 
 #define ARK_MAJOR 0
-#define ARK_MINOR 3
+#define ARK_MINOR 4
 #define ARK_PATCH 0
 #define ARK_VERSION (ARK_MAJOR * 10000 + ARK_MINOR * 100 + ARK_PATCH)
 
diff --git a/docs/sphinx/source/conf.py b/docs/sphinx/source/conf.py
index 5458089cf..894d3aeaa 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 = "0.3.0"
-release = "0.3.0"
+version = "0.4.0"
+release = "0.4.0"
 
 # -- General configuration ---------------------------------------------------
 
diff --git a/pyproject.toml b/pyproject.toml
index 2b61a5283..119820e6b 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "scikit_build_core.build"
 
 [project]
 name = "ark"
-version = "0.3.0"
+version = "0.4.0"
 
 [tool.scikit-build]
 cmake.minimum-version = "3.25"