diff --git a/docs/conf.py b/docs/conf.py
index 699dbf0e3..de5c2f652 100644
--- a/docs/conf.py
+++ b/docs/conf.py
@@ -42,7 +42,7 @@
 # The short X.Y version
 version = ''
 # The full version, including alpha/beta/rc tags
-release = '0.15.1'
+release = '0.16.0'
 
 docs_url_prefix = "ecosystem/ibm-runtime"
 
diff --git a/qiskit_ibm_runtime/VERSION.txt b/qiskit_ibm_runtime/VERSION.txt
index e815b861f..04a373efe 100644
--- a/qiskit_ibm_runtime/VERSION.txt
+++ b/qiskit_ibm_runtime/VERSION.txt
@@ -1 +1 @@
-0.15.1
+0.16.0