diff --git a/CHANGELOG.md b/CHANGELOG.md
index 00c58211c..a4fc13aa0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,18 @@
 
 Friendly reminder, we have a [bug bounty program](https://hackerone.com/cosmos).
 
+## v0.34.16
+
+Special thanks to external contributors on this release: @yihuang
+
+### BUG FIXES
+
+- [consensus] [\#7617](https://github.com/tendermint/tendermint/issues/7617) calculate prevote message delay metric (backport #7551) (@williambanfield).
+- [consensus] [\#7631](https://github.com/tendermint/tendermint/issues/7631) check proposal non-nil in prevote message delay metric (backport #7625) (@williambanfield).
+- [statesync] [\#7885](https://github.com/tendermint/tendermint/issues/7885) statesync: assert app version matches (backport #7856) (@cmwaters).
+- [statesync] [\#7881](https://github.com/tendermint/tendermint/issues/7881) fix app hash in state rollback (backport #7837) (@cmwaters).
+- [cli] [#7837](https://github.com/tendermint/tendermint/pull/7837) fix app hash in state rollback. (@yihuang).
+
 ## v0.34.15
 
 Special thanks to external contributors on this release: @thanethomson
diff --git a/CHANGELOG_PENDING.md b/CHANGELOG_PENDING.md
index b9addbd99..bee423db9 100644
--- a/CHANGELOG_PENDING.md
+++ b/CHANGELOG_PENDING.md
@@ -23,5 +23,3 @@ Friendly reminder, we have a [bug bounty program](https://hackerone.com/tendermi
 ### IMPROVEMENTS
 
 ### BUG FIXES
-
-- [cli] [#7837](https://github.com/tendermint/tendermint/pull/7837) fix app hash in state rollback. (@yihuang)
diff --git a/version/version.go b/version/version.go
index 146465ed5..d51cd1918 100644
--- a/version/version.go
+++ b/version/version.go
@@ -7,7 +7,7 @@ var (
 const (
 	// TMVersionDefault is the used as the fallback version of Tendermint Core
 	// when not using git describe. It is formatted with semantic versioning.
-	TMVersionDefault = "0.34.15"
+	TMVersionDefault = "0.34.16"
 	// ABCISemVer is the semantic version of the ABCI library
 	ABCISemVer = "0.17.0"