diff --git a/sdk/ai/azure-ai-projects/CHANGELOG.md b/sdk/ai/azure-ai-projects/CHANGELOG.md
index 9b0934c4f8d7..86a9294ba411 100644
--- a/sdk/ai/azure-ai-projects/CHANGELOG.md
+++ b/sdk/ai/azure-ai-projects/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Release History
 
+## 2.3.1 (Unreleased)
+
+### Features Added
+
+### Breaking Changes
+
+### Bugs Fixed
+
+### Other Changes
+
 ## 2.3.0 (2026-07-01)
 
 ### Features Added
diff --git a/sdk/ai/azure-ai-projects/azure/ai/projects/_version.py b/sdk/ai/azure-ai-projects/azure/ai/projects/_version.py
index 43994a9b16be..5bbe449c0a9d 100644
--- a/sdk/ai/azure-ai-projects/azure/ai/projects/_version.py
+++ b/sdk/ai/azure-ai-projects/azure/ai/projects/_version.py
@@ -6,4 +6,4 @@
 # Changes may cause incorrect behavior and will be lost if the code is regenerated.
 # --------------------------------------------------------------------------
 
-VERSION = "2.3.0"
+VERSION = "2.3.1"