diff --git a/CMakeLists.txt b/CMakeLists.txt
index 4fc950cb16..d2d5078048 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -28,7 +28,7 @@ find_program(GIT NAMES git)
 
 ## Setup the package version based on git tags.
 set(PKG_VERSION_GIT_TAG_PREFIX "amdsmi_pkg_ver")
-get_package_version_number("24.6.5" ${PKG_VERSION_GIT_TAG_PREFIX} GIT)
+get_package_version_number("24.7.0" ${PKG_VERSION_GIT_TAG_PREFIX} GIT)
 message("Package version: ${PKG_VERSION_STR}")
 set(${AMD_SMI_LIBS_TARGET}_VERSION_MAJOR "${CPACK_PACKAGE_VERSION_MAJOR}")
 set(${AMD_SMI_LIBS_TARGET}_VERSION_MINOR "${CPACK_PACKAGE_VERSION_MINOR}")
diff --git a/amdsmi_cli/README.md b/amdsmi_cli/README.md
index ab95062473..2c782ae66c 100644
--- a/amdsmi_cli/README.md
+++ b/amdsmi_cli/README.md
@@ -81,7 +81,7 @@ AMD-SMI reports the version and current platform detected when running the comma
 ~$ amd-smi
 usage: amd-smi [-h]  ...
 
-AMD System Management Interface | Version: 24.6.5.0 | ROCm version: 6.2.2 | Platform: Linux Baremetal
+AMD System Management Interface | Version: 24.7.0.0 | ROCm version: 6.2.2 | Platform: Linux Baremetal
 
 options:
   -h, --help          show this help message and exit
diff --git a/docs/doxygen/Doxyfile b/docs/doxygen/Doxyfile
index a322c17a14..2f8227fed1 100644
--- a/docs/doxygen/Doxyfile
+++ b/docs/doxygen/Doxyfile
@@ -48,7 +48,7 @@ PROJECT_NAME           = AMD SMI
 # could be handy for archiving the generated documentation or if some version
 # control system is used.
 
-PROJECT_NUMBER         = "24.6.5.0"
+PROJECT_NUMBER         = "24.7.0.0"
 
 # Using the PROJECT_BRIEF tag one can provide an optional one line description
 # for a project that appears at the top of each page and should give viewer a
diff --git a/docs/how-to/using-AMD-SMI-CLI-tool.md b/docs/how-to/using-AMD-SMI-CLI-tool.md
index 0ad610a81b..6371281088 100644
--- a/docs/how-to/using-AMD-SMI-CLI-tool.md
+++ b/docs/how-to/using-AMD-SMI-CLI-tool.md
@@ -8,7 +8,7 @@ AMD-SMI reports the version and current platform detected when running the comma
 ~$ amd-smi
 usage: amd-smi [-h]  ...
 
-AMD System Management Interface | Version: 24.6.5.0 | ROCm version: 6.2.2 | Platform: Linux Baremetal
+AMD System Management Interface | Version: 24.7.0.0 | ROCm version: 6.2.2 | Platform: Linux Baremetal
 
 options:
   -h, --help          show this help message and exit
diff --git a/include/amd_smi/amdsmi.h b/include/amd_smi/amdsmi.h
index a1713b66e1..3c05386be3 100644
--- a/include/amd_smi/amdsmi.h
+++ b/include/amd_smi/amdsmi.h
@@ -177,10 +177,10 @@ typedef enum {
 #define AMDSMI_LIB_VERSION_YEAR 24
 
 //! Major version should be changed for every header change (adding/deleting APIs, changing names, fields of structures, etc.)
-#define AMDSMI_LIB_VERSION_MAJOR 6
+#define AMDSMI_LIB_VERSION_MAJOR 7
 
 //! Minor version should be updated for each API change, but without changing headers
-#define AMDSMI_LIB_VERSION_MINOR 5
+#define AMDSMI_LIB_VERSION_MINOR 0
 
 //! Release version should be set to 0 as default and can be updated by the PMs for each CSP point release
 #define AMDSMI_LIB_VERSION_RELEASE 0