diff --git a/RELEASE b/RELEASE
index af9925f87d..ff7af00d86 100644
--- a/RELEASE
+++ b/RELEASE
@@ -1,4 +1,4 @@
-This is GStreamer gstreamer-vaapi 1.16.0.
+This is GStreamer gstreamer-vaapi 1.17.0.1.
 
 The GStreamer team is thrilled to announce a new major feature release in the
 stable 1.0 API series of your favourite cross-platform multimedia framework!
diff --git a/configure.ac b/configure.ac
index d76134bc51..a0f208bdfd 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,8 +1,8 @@
 # gstreamer-vaapi package version number
 m4_define([gst_vaapi_major_version], [1])
-m4_define([gst_vaapi_minor_version], [16])
+m4_define([gst_vaapi_minor_version], [17])
 m4_define([gst_vaapi_micro_version], [0])
-m4_define([gst_vaapi_nano_version], [0])
+m4_define([gst_vaapi_nano_version], [1])
 m4_define([gst_vaapi_version],
           [gst_vaapi_major_version.gst_vaapi_minor_version.gst_vaapi_micro_version])
 m4_if(gst_vaapi_nano_version, [0], [],
@@ -16,17 +16,17 @@ dnl - interfaces added/removed/changed -> increment CURRENT, REVISION = 0
 dnl - interfaces added -> increment AGE
 dnl - interfaces removed -> AGE = 0
 # gstreamer-vaapi library (libtool) version number
-m4_define([gst_vaapi_lt_current],       [1600])
+m4_define([gst_vaapi_lt_current],       [1700])
 m4_define([gst_vaapi_lt_revision],      [0])
-m4_define([gst_vaapi_lt_age],           [1600])
+m4_define([gst_vaapi_lt_age],           [1700])
 
 # glib version number
 m4_define([glib_version], [2.40])
 
 # gstreamer version number
-m4_define([gst_version],                [1.16.0])
-m4_define([gst_plugins_base_version],   [1.16.0])
-m4_define([gst_plugins_bad_version],    [1.16.0])
+m4_define([gst_version],                [1.17.0.1])
+m4_define([gst_plugins_base_version],   [1.17.0.1])
+m4_define([gst_plugins_bad_version],    [1.17.0.1])
 
 # Wayland minimum version number
 m4_define([wayland_api_version], [1.11.0])
diff --git a/docs/plugins/inspect/plugin-vaapi.xml b/docs/plugins/inspect/plugin-vaapi.xml
index 3f87472348..c342f1608b 100644
--- a/docs/plugins/inspect/plugin-vaapi.xml
+++ b/docs/plugins/inspect/plugin-vaapi.xml
@@ -3,7 +3,7 @@
   <description>VA-API based elements</description>
   <filename>../../gst/vaapi/.libs/libgstvaapi.so</filename>
   <basename>libgstvaapi.so</basename>
-  <version>1.16.0</version>
+  <version>1.17.0.1</version>
   <license>LGPL</license>
   <source>gstreamer-vaapi</source>
   <package>gstreamer-vaapi</package>
diff --git a/meson.build b/meson.build
index b1015d091f..b23d25a654 100644
--- a/meson.build
+++ b/meson.build
@@ -1,5 +1,5 @@
 project('gstreamer-vaapi', 'c',
-  version : '1.16.0',
+  version : '1.17.0.1',
   meson_version : '>= 0.47.0',
   default_options : [ 'warning_level=1',
                       'buildtype=debugoptimized' ])