diff --git a/RELEASE_NOTES b/RELEASE_NOTES
index 03b4c58d..c0730c52 100644
--- a/RELEASE_NOTES
+++ b/RELEASE_NOTES
@@ -1,6 +1,17 @@
 This file contains a description of the major changes to the EESSI test suite.
 For more detailed information, please see the git log.
 
+v0.3.1 (28 June 2024)
+---------------------
+
+This is a bugfix release of the EESSI test-suite
+
+It includes:
+
+- Correct required memory per node to MiB in ESPResSo test (#158)
+- Change behavior for assign_tasks_per_compute_unit(test, COMPUTE_UNIT[CPU]) on hyperthreading-enabled systems (#160)
+- Use compact process binding in ESPResSo test (#160)
+
 v0.3.0 (27 June 2024)
 ---------------------
 
diff --git a/pyproject.toml b/pyproject.toml
index cfdefeeb..ecde89a4 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "setuptools.build_meta"
 
 [project]
 name = "eessi-testsuite"
-version = "0.3.0"
+version = "0.3.1"
 description = "Test suite for the EESSI software stack"
 readme = "README.md"
 license = {file = "LICENSE"}
diff --git a/setup.cfg b/setup.cfg
index 28c7fc13..35af40db 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,6 +1,6 @@
 [metadata]
 name = eessi-testsuite
-version = 0.3.0
+version = 0.3.1
 description = Test suite for the EESSI software stack
 long_description = file: README.md
 long_description_content_type = text/markdown