diff --git a/CMakeLists.txt b/CMakeLists.txt
index 3fb9733f03..aff4425026 100755
--- 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("23.4.2" ${PKG_VERSION_GIT_TAG_PREFIX} GIT)
+get_package_version_number("24.1.0" ${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 "${CPACK_PACKAGE_VERSION_MINOR}")
diff --git a/amdsmi_cli/README.md b/amdsmi_cli/README.md
index 6226db3c44..fad20c2380 100644
--- a/amdsmi_cli/README.md
+++ b/amdsmi_cli/README.md
@@ -78,7 +78,7 @@ amd-smi will report the version and current platform detected when running the c
 ~$ amd-smi
 usage: amd-smi [-h]  ...
 
-AMD System Management Interface | Version: 23.4.0.0 | ROCm version: 6.1.0 | Platform: Linux
+AMD System Management Interface | Version: 24.1.0.0 | ROCm version: 6.1.0 | Platform: Linux
 Baremetal
 
 options:
diff --git a/docs/doxygen/Doxyfile b/docs/doxygen/Doxyfile
index 5565da1dd1..b2716e9527 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         = "23.4.0.0"
+PROJECT_NUMBER         = "24.1.0.0"
 
 # 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/include/amd_smi/amdsmi.h b/include/amd_smi/amdsmi.h
index da3c6b0308..2ad3bd9b6f 100644
--- a/include/amd_smi/amdsmi.h
+++ b/include/amd_smi/amdsmi.h
@@ -147,10 +147,10 @@ typedef enum {
  */
 
 //! Year should follow the IP driver package version: 22.40/23.10 and similar
-#define AMDSMI_LIB_VERSION_YEAR 23
+#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 4
+#define AMDSMI_LIB_VERSION_MAJOR 1
 
 //! Minor version should be updated for each API change, but without changing headers
 #define AMDSMI_LIB_VERSION_MINOR 0