diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 3e0b8f2..5f2027e 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-    ".": "3.1.0"
+    ".": "3.2.0"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index a84c9eb..f511dbb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,14 @@
 
 <a name="v1.5.2"></a>
 
+## [3.2.0](https://github.com/Flagsmith/flagsmith-common/compare/v3.1.0...v3.2.0) (2026-01-14)
+
+
+### Features
+
+* Migrate to drf-spectacular ([#153](https://github.com/Flagsmith/flagsmith-common/issues/153)) ([94154b0](https://github.com/Flagsmith/flagsmith-common/commit/94154b01b68da8b0fd121ff32405604623c5011f))
+* **schemas:** Add SDK API request and response schemas ([#155](https://github.com/Flagsmith/flagsmith-common/issues/155)) ([65870a7](https://github.com/Flagsmith/flagsmith-common/commit/65870a7ead4770ef573974a98ec257e28dc4815a))
+
 ## [3.1.0](https://github.com/Flagsmith/flagsmith-common/compare/v3.0.0...v3.1.0) (2026-01-05)
 
 
diff --git a/pyproject.toml b/pyproject.toml
index b07ca8a..13b854f 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "flagsmith-common"
-version = "3.1.0"
+version = "3.2.0"
 description = "Flagsmith's common library"
 requires-python = ">=3.11,<4.0"
 dependencies = []
diff --git a/uv.lock b/uv.lock
index 977e50a..2f5c0a6 100644
--- a/uv.lock
+++ b/uv.lock
@@ -396,7 +396,7 @@ wheels = [
 
 [[package]]
 name = "flagsmith-common"
-version = "3.1.0"
+version = "3.2.0"
 source = { editable = "." }
 
 [package.optional-dependencies]