diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0e18166e0a6..dc10fcaeed7 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,44 @@
 # Smithy Changelog
 
+## 1.38.0 (2023-09-14)
+
+### Features
+
+* Updated auto-formatting to use line breaks for some properties ([#1939](https://github.com/smithy-lang/smithy/pull/1939))
+* Updated JSON-based AWS protocols to ignore the `__type` field when deserializing `union`s ([#1945](https://github.com/smithy-lang/smithy/pull/1945))
+* Added metadata key to `RemovedMetadata` diff events ([#1940](https://github.com/smithy-lang/smithy/pull/1940))
+* Improved equality comparison for `NumberNode` instances ([#1955](https://github.com/smithy-lang/smithy/pull/1955), [#1965](https://github.com/smithy-lang/smithy/pull/1965))
+* Added `--aut` as a shortcut for `--allow-unknown-traits` in the Smithy CLI ([#1950](https://github.com/smithy-lang/smithy/pull/1950))
+* Added a `--show` option to the Smithy CLI to include extra information like type, source location, and captured
+  variables. This deprecates the `--show-vars` option ([#1953](https://github.com/smithy-lang/smithy/pull/1953))
+* Added validation to emit warnings when a member has an HTTP trait applied in a context where it is ignored ([#1962](https://github.com/smithy-lang/smithy/pull/1962),
+  [#1969](https://github.com/smithy-lang/smithy/pull/1969))
+* Added validation to check the consistency of IAM resource names and ARN resource names ([#1954](https://github.com/smithy-lang/smithy/pull/1954))
+* Added a `RemoveInvalidDefaults` transform to remove `@default` traits when their values conflict with applied `@range`
+  traits ([#1964](https://github.com/smithy-lang/smithy/pull/1964))
+* Added an `allowConstraintErrors` property to the `@examples` trait for relaxing content validation requirements ([#1949](https://github.com/smithy-lang/smithy/pull/1949),
+  [#1968](https://github.com/smithy-lang/smithy/pull/1968))
+* Added several protocol tests for `@restXml` ([#1909](https://github.com/smithy-lang/smithy/pull/1909), [#1908](https://github.com/smithy-lang/smithy/pull/1908),
+  [#1574](https://github.com/smithy-lang/smithy/pull/1574))
+* Added several protocol tests for `@restJson1` ([#1908](https://github.com/smithy-lang/smithy/pull/1908))
+
+### Documentation
+
+* Clarified how trait values are provided in the IDL ([#1944](https://github.com/smithy-lang/smithy/pull/1944))
+* Added the `@length` trait to the specification's trait index ([#1952](https://github.com/smithy-lang/smithy/pull/1952))
+* Improved the ability to link to certain sections of the specification ([#1958](https://github.com/smithy-lang/smithy/pull/1958))
+* Clarified behavior of `@sigv4` and `@optionalAuth` ([#1963](https://github.com/smithy-lang/smithy/pull/1963), [#1971](https://github.com/smithy-lang/smithy/pull/1971))
+
+### Bug Fixes
+
+* Fixed diff event messages for `ChangedNullability` events ([#1972](https://github.com/smithy-lang/smithy/pull/1972))
+* Fixed an NPE when auto-formatting certain types of trait values ([#1942](https://github.com/smithy-lang/smithy/pull/1942))
+* Fixed an issue where exceptions thrown when creating traits were not emitted as validation events ([#1947](https://github.com/smithy-lang/smithy/pull/1947))
+* Fixed an issue validating timestamp members in nodes where a `@timestampFormat` trait was involved ([#1948](https://github.com/smithy-lang/smithy/pull/1948))
+* Fixed an issue where the `FlattenAndRemoveMixins` transform would not remove unused mixins ([#1951](https://github.com/smithy-lang/smithy/pull/1951))
+* Fixed a malformed request test for the `@restJson1` protocol ([#1959](https://github.com/smithy-lang/smithy/pull/1959))
+* Fixed an issue where `NonInclusiveTerms` validation events would be identical for different text paths. ([#1975](https://github.com/smithy-lang/smithy/pull/1975))
+
 ## 1.37.0 (2023-08-22)
 
 ### Features
diff --git a/VERSION b/VERSION
index bf50e910e62..ebeef2f2d61 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-1.37.0
+1.38.0