diff --git a/README.md b/README.md
index fe6c0b0ad..649d9af49 100644
--- a/README.md
+++ b/README.md
@@ -126,6 +126,7 @@ of releases [here](https://github.com/tensorflow/io/releases).
 
 | TensorFlow I/O Version | TensorFlow Compatibility | Release Date |
 | --- | --- | --- |
+| 0.32.0 | 2.12.x | Mar 28, 2022 |
 | 0.31.0 | 2.11.x | Feb 25, 2022 |
 | 0.30.0 | 2.11.x | Jan 20, 2022 |
 | 0.29.0 | 2.11.x | Dec 18, 2022 |
diff --git a/RELEASE.md b/RELEASE.md
index 4fd036902..8492e7460 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -1,3 +1,18 @@
+# Release 0.32.0
+
+## Major Features and Bug Fixes
+* Add ref and amin argument in dbscale
+* Updated aarch64 build
+
+## Thanks to our Contributors
+
+This release contains contributions from many people:
+
+Andrew Goodbody, Awsaf, Yong Tang
+
+We are also grateful to all who filed issues or helped resolve them, asked and
+answered questions, and were part of inspiring discussions.
+
 # Release 0.31.0
 
 ## Major Features and Bug Fixes
diff --git a/tensorflow_io/python/ops/version_ops.py b/tensorflow_io/python/ops/version_ops.py
index f075a63f8..4f6f65462 100644
--- a/tensorflow_io/python/ops/version_ops.py
+++ b/tensorflow_io/python/ops/version_ops.py
@@ -14,5 +14,5 @@
 # ==============================================================================
 """version_ops"""
 
-version = "0.31.0"
+version = "0.32.0"
 require = "tensorflow>=2.12.0,<2.13.0"