diff --git a/python/ray/__init__.py b/python/ray/__init__.py
index 74f36bedbfb8..29ba19a4e248 100644
--- a/python/ray/__init__.py
+++ b/python/ray/__init__.py
@@ -54,7 +54,7 @@
 
 # Ray version string. TODO(rkn): This is also defined separately in setup.py.
 # Fix this.
-__version__ = "0.2.2"
+__version__ = "0.3.0"
 
 __all__ = ["error_info", "init", "connect", "disconnect", "get", "put", "wait",
            "remote", "log_event", "log_span", "flush_log", "actor",
diff --git a/python/setup.py b/python/setup.py
index 0f9caf0820bb..21c94381dac6 100644
--- a/python/setup.py
+++ b/python/setup.py
@@ -96,9 +96,8 @@ def has_ext_modules(self):
 
 
 setup(name="ray",
-      # The version string is also in __init__.py
-      # TODO(pcm): Fix this
-      version="0.2.2",
+      # The version string is also in __init__.py. TODO(pcm): Fix this.
+      version="0.3.0",
       packages=find_packages(),
       cmdclass={"build_ext": build_ext},
       # The BinaryDistribution argument triggers build_ext.