diff --git a/.github/workflows/bump_version.yaml b/.github/workflows/bump_version.yaml
new file mode 100644
index 00000000000..acf8ebd0f15
--- /dev/null
+++ b/.github/workflows/bump_version.yaml
@@ -0,0 +1,54 @@
+name: bump-python-sdk-version
+
+# This workflow is used to bump the version of the Weave Python SDK.
+# It will take 2 steps:
+# 1. Drop the pre-release tag and push a new commit to the main branch.
+# 2. Bump the version to the next pre-release version and push a new commit to the main branch.
+#
+# see weave/version.py for more details on the versioning scheme.
+
+on:
+  workflow_dispatch:
+    inputs:
+      bump_type:
+        description: "Version bump type (major, minor, patch)"
+        required: true
+        default: "patch"
+        options:
+          - "patch"
+          - "minor"
+          - "major"
+
+jobs:
+  build-assets:
+    name: Build frontend assets
+    runs-on: ubuntu-8core
+    timeout-minutes: 10
+    environment:
+      name: release
+    permissions:
+      contents: "write"
+      id-token: "write"
+    steps:
+      - uses: actions/checkout@v3
+        with:
+          token: ${{ secrets.WANDBMACHINE_GITHUB_TOKEN }}
+          fetch-depth: 0
+      - id: "Setup Git"
+        run: |
+          git config --global user.name 'Weave Build Bot'
+          git config --global user.email weave@wandb.com
+      - id: "Bump the version"
+        run: |
+          bump-my-version bump ${{ github.event.inputs.bump_type }} ./weave/version.py --tag --commit
+          git push
+          git push --tags
+      - id: "Start the next development cycle"
+        # This might seem weird to bump patch and then pre_n, but since semver
+        # dictates that pre-release versions have lower precedence, this ensures
+        # that the next commit on main will have a pre-release version.
+        run: |
+          bump-my-version bump patch ./weave/version.py
+          bump-my-version bump pre_n ./weave/version.py --commit
+          git push
+          git push --tags
diff --git a/pyproject.toml b/pyproject.toml
index 4e09cbf6b51..adec4b37b59 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -113,3 +113,37 @@ exclude = [
   "weave/legacy/**/*.py",
   "examples",
 ]
+
+[tool.bumpversion]
+current_version = "0.51.2-dev1"
+parse = """(?x)
+    (?P<major>0|[1-9]\\d*)\\.
+    (?P<minor>0|[1-9]\\d*)\\.
+    (?P<patch>0|[1-9]\\d*)
+    (?:
+        -                             # dash separator for pre-release section
+        (?P<pre_l>[a-zA-Z-]+)         # pre-release label
+        (?P<pre_n>0|[1-9]\\d*)        # pre-release version number
+    )?                                # pre-release section is optional
+"""
+serialize = [
+    "{major}.{minor}.{patch}-{pre_l}{pre_n}",
+    "{major}.{minor}.{patch}",
+]
+search = "{current_version}"
+replace = "{new_version}"
+regex = false
+ignore_missing_version = false
+ignore_missing_files = false
+tag = false
+sign_tags = false
+tag_name = "v{new_version}"
+tag_message = "Release version: {current_version} → {new_version}"
+allow_dirty = false
+commit = false
+message = "Release version: {current_version} → {new_version}"
+commit_args = ""
+
+[tool.bumpversion.parts.pre_l]
+values = ["dev"]
+
diff --git a/requirements.dev.txt b/requirements.dev.txt
index e0aad74fd36..8e7a65c626e 100644
--- a/requirements.dev.txt
+++ b/requirements.dev.txt
@@ -24,3 +24,4 @@ build
 twine
 lazydocs
 nbconvert
+bump-my-version
diff --git a/weave/version.py b/weave/version.py
index 452c38578ea..e365789de54 100644
--- a/weave/version.py
+++ b/weave/version.py
@@ -1 +1,47 @@
-VERSION = "0.51.2"
+"""Contains the version of the Weave SDK.
+
+This version is used by pyproject.toml to specify the version of the Weave SDK and
+imported by the library for runtime access. It must be kept in sync with pyproject.toml,
+specifically the [tool.bumpversion] section:
+
+```
+[tool.bumpversion]
+current_version = "M.m.p-dev0"
+```
+
+We use Semantic Versioning (https://semver.org/). The version number is in the format
+MAJOR.MINOR.PATCH[-PRERELEASE].
+
+- MAJOR version when you make incompatible API changes,
+- MINOR version when you add functionality in a backwards compatible manner, and
+- PATCH version when you make backwards compatible bug fixes.
+
+For the most part, we are incrementing PATCH until we complete the core functionality.
+
+As specified by Semantic Versioning, the PRERELEASE version is optional and can be
+appended to the PATCH version. Specifically:
+
+```
+When major, minor, and patch are equal, a pre-release version has lower precedence than a normal version:
+
+Example: 1.0.0-alpha < 1.0.0.
+```
+
+The intention is to have a PRERELEASE version of the form of `dev0` for nearly every commit
+on the main branch. However, the released commit will not have a PRERELEASE version. For example:
+
+* Development happens on X.Y.Z-dev0
+* Release commit bumps the version to >=X.Y.Z, noted X'.Y'.Z', tagging such commit
+* Development continues on (>X.Y.Z)-dev0.
+    * Note: if X' == X, Y' == Y, and Z' == Z, then the version is bumped to X'.Y'.(Z'+1)-dev0. Else, the version is bumped to X'.Y'.Z'-dev0.
+
+
+This is all facilitated using `make bumpversion` which is a wrapper around `bump-my-version`.
+
+Please see the `bump-my-version` documentation for more information:
+https://github.com/callowayproject/bump-my-version. Additional configuration can be found in
+`pyproject.toml`.
+
+"""
+
+VERSION = "0.51.2-dev1"