diff --git a/CHANGELOG.md b/CHANGELOG.md
index 40a49989c..11afb9086 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [7.2.0] - 2023-03-07
+
 ### Changed
 
 - Bump k8s-api-healthz image to 0.2.0.
@@ -641,7 +643,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 
 
-[Unreleased]: https://github.com/giantswarm/azure-operator/compare/v7.1.0...HEAD
+[Unreleased]: https://github.com/giantswarm/azure-operator/compare/v7.2.0...HEAD
+[7.2.0]: https://github.com/giantswarm/azure-operator/compare/v7.1.0...v7.2.0
 [7.1.0]: https://github.com/giantswarm/azure-operator/compare/v7.0.0...v7.1.0
 [7.0.0]: https://github.com/giantswarm/azure-operator/compare/v6.0.3...v7.0.0
 [6.0.3]: https://github.com/giantswarm/azure-operator/compare/v6.0.2...v6.0.3
diff --git a/pkg/project/project.go b/pkg/project/project.go
index e5b8632cf..1130efcd1 100644
--- a/pkg/project/project.go
+++ b/pkg/project/project.go
@@ -5,7 +5,7 @@ var (
 	gitSHA             = "n/a"
 	name        string = "azure-operator"
 	source      string = "https://github.com/giantswarm/azure-operator"
-	version            = "7.1.1-dev"
+	version            = "7.2.0"
 )
 
 func Description() string {