diff --git a/CHANGELOG.md b/CHANGELOG.md
index f8d4d9985..d6c459b19 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,8 @@ OpenTelemetry Go Automatic Instrumentation adheres to [Semantic Versioning](http
 
 ## [Unreleased]
 
+## [v0.7.0-alpha] - 2023-10-15
+
 ### Added
 
 - Add `WithServiceName` config option for instrumentation. ([#353](https://github.com/open-telemetry/opentelemetry-go-instrumentation/pull/353))
@@ -180,7 +182,8 @@ OpenTelemetry Go Automatic Instrumentation adheres to [Semantic Versioning](http
 
 This is the first release of OpenTelemetry Go Automatic Instrumentation.
 
-[Unreleased]: https://github.com/open-telemetry/opentelemetry-go-instrumentation/compare/v0.3.0-alpha...HEAD
+[Unreleased]: https://github.com/open-telemetry/opentelemetry-go-instrumentation/compare/v0.7.0-alpha...HEAD
+[v0.7.0-alpha]: https://github.com/open-telemetry/opentelemetry-go-instrumentation/releases/tag/v0.7.0-alpha
 [v0.3.0-alpha]: https://github.com/open-telemetry/opentelemetry-go-instrumentation/releases/tag/v0.3.0-alpha
 [v0.2.2-alpha]: https://github.com/open-telemetry/opentelemetry-go-instrumentation/releases/tag/v0.2.2-alpha
 [v0.2.1-alpha]: https://github.com/open-telemetry/opentelemetry-go-instrumentation/releases/tag/v0.2.1-alpha
diff --git a/internal/test/e2e/databasesql/traces.json b/internal/test/e2e/databasesql/traces.json
index 96c9f398e..5f289e50c 100644
--- a/internal/test/e2e/databasesql/traces.json
+++ b/internal/test/e2e/databasesql/traces.json
@@ -12,7 +12,7 @@
           {
             "key": "telemetry.auto.version",
             "value": {
-              "stringValue": "v0.3.0-alpha"
+              "stringValue": "v0.7.0-alpha"
             }
           },
           {
diff --git a/internal/test/e2e/gin/traces.json b/internal/test/e2e/gin/traces.json
index 3daf1ae00..2d2c7bceb 100644
--- a/internal/test/e2e/gin/traces.json
+++ b/internal/test/e2e/gin/traces.json
@@ -12,7 +12,7 @@
           {
             "key": "telemetry.auto.version",
             "value": {
-              "stringValue": "v0.3.0-alpha"
+              "stringValue": "v0.7.0-alpha"
             }
           },
           {
diff --git a/internal/test/e2e/nethttp/traces.json b/internal/test/e2e/nethttp/traces.json
index 76a8b0865..8b7109c20 100644
--- a/internal/test/e2e/nethttp/traces.json
+++ b/internal/test/e2e/nethttp/traces.json
@@ -12,7 +12,7 @@
           {
             "key": "telemetry.auto.version",
             "value": {
-              "stringValue": "v0.3.0-alpha"
+              "stringValue": "v0.7.0-alpha"
             }
           },
           {
diff --git a/internal/tools/go.mod b/internal/tools/go.mod
index 67352ce97..8d5de485f 100644
--- a/internal/tools/go.mod
+++ b/internal/tools/go.mod
@@ -9,7 +9,7 @@ require (
 	github.com/golangci/golangci-lint v1.54.2
 	github.com/google/go-licenses v1.6.0
 	github.com/hashicorp/go-version v1.6.0
-	go.opentelemetry.io/auto v0.3.0-alpha
+	go.opentelemetry.io/auto v0.7.0-alpha
 	go.opentelemetry.io/build-tools/dbotconf v0.12.0
 	go.opentelemetry.io/build-tools/multimod v0.12.0
 	golang.org/x/sync v0.4.0
diff --git a/version.go b/version.go
index 4644bcbfd..c79bb14e5 100644
--- a/version.go
+++ b/version.go
@@ -16,5 +16,5 @@ package auto
 
 // Version is the current release version of OpenTelemetry Go auto-instrumentation in use.
 func Version() string {
-	return "v0.3.0-alpha"
+	return "v0.7.0-alpha"
 }
diff --git a/versions.yaml b/versions.yaml
index 5a3d324db..65235447a 100644
--- a/versions.yaml
+++ b/versions.yaml
@@ -14,7 +14,7 @@
 
 module-sets:
   alpha:
-    version: v0.3.0-alpha
+    version: v0.7.0-alpha
     modules:
       - go.opentelemetry.io/auto
       - go.opentelemetry.io/auto/examples/rolldice