diff --git a/CMakeLists.txt b/CMakeLists.txt
index 9b13a30e8..f2c48b420 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -3,7 +3,7 @@ cmake_minimum_required(VERSION 3.5.1 FATAL_ERROR)
 #============================================================================
 # Initialize the project
 #============================================================================
-project(gz-physics7 VERSION 7.3.0)
+project(gz-physics7 VERSION 7.4.0)
 
 #============================================================================
 # Find gz-cmake
diff --git a/Changelog.md b/Changelog.md
index bc449953d..75cb61d6d 100644
--- a/Changelog.md
+++ b/Changelog.md
@@ -1,5 +1,38 @@
 ## Gazebo Physics 7.x
 
+### Gazebo Physics 7.4.0 (2024-11-08)
+
+1. bullet-featherstone: Reset joint motor constraint's velocity target after each step
+    * [Pull request #699](https://github.com/gazebosim/gz-physics/pull/699)
+
+1. GzOdeCollisionDetector: Use static mutex in create
+    * [Pull request #675](https://github.com/gazebosim/gz-physics/pull/675)
+
+1. bullet-featherstone: add applied constraint to joint transmitted wrench
+    * [Pull request #668](https://github.com/gazebosim/gz-physics/pull/668)
+
+1. bullet-featherstone: Support empty links
+    * [Pull request #665](https://github.com/gazebosim/gz-physics/pull/665)
+
+1. Fix compile warnings
+    * [Pull request #663](https://github.com/gazebosim/gz-physics/pull/663)
+    * [Pull request #629](https://github.com/gazebosim/gz-physics/pull/629)
+
+1. bullet-featherstone: Enforce joint velocity and effort limits for velocity control commands
+    * [Pull request #658](https://github.com/gazebosim/gz-physics/pull/658)
+
+1. dartsim: optimize picking contact points with ODE collision detector
+    * [Pull request #584](https://github.com/gazebosim/gz-physics/pull/584)
+
+1. Add no gravity link support
+    * [Pull request #633](https://github.com/gazebosim/gz-physics/pull/633)
+
+1. Disable test failing due to ODE/libccd (backport #621)
+    * [Pull request #621](https://github.com/gazebosim/gz-physics/pull/621)
+
+1. Require gz-math 6.13 for ign->gz transition
+    * [Pull request #601](https://github.com/gazebosim/gz-physics/pull/601)
+
 ### Gazebo Physics 7.3.0 (2024-06-25)
 
 1. Backport: Add Cone as a collision shape
diff --git a/package.xml b/package.xml
index d5fe5e2e7..d65f4d3c8 100644
--- a/package.xml
+++ b/package.xml
@@ -1,7 +1,7 @@
 <?xml version="1.0"?>
 <package format="2">
   <name>gz-physics7</name>
-  <version>7.3.0</version>
+  <version>7.4.0</version>
   <description>Gazebo Physics : Physics classes and functions for robot applications</description>
   <maintainer email="scpeters@openrobotics.org">Steve Peters</maintainer>
   <license>Apache License 2.0</license>