diff --git a/RELEASENOTES.md b/RELEASENOTES.md
index b85c65e769..48bf6dd073 100644
--- a/RELEASENOTES.md
+++ b/RELEASENOTES.md
@@ -1,5 +1,14 @@
 # Release notes #
 
+### r2.3.1 ###
+
+* Fix NPE enabling WebVTT subtitles in DASH streams
+  ([#2596](https://github.com/google/ExoPlayer/issues/2596)).
+* Fix skipping to keyframes when MediaCodecVideoRenderer is enabled but without
+  a Surface ([#2575](https://github.com/google/ExoPlayer/issues/2575)).
+* Minor fix for CEA-708 decoder
+  ([#2595](https://github.com/google/ExoPlayer/issues/2595)).
+
 ### r2.3.0 ###
 
 * GVR extension: Wraps the Google VR Audio SDK to provide spatial audio
diff --git a/build.gradle b/build.gradle
index 49c7d5c22a..6d5a069d3e 100644
--- a/build.gradle
+++ b/build.gradle
@@ -37,7 +37,7 @@ allprojects {
         releaseRepoName = getBintrayRepo()
         releaseUserOrg = 'google'
         releaseGroupId = 'com.google.android.exoplayer'
-        releaseVersion = 'r2.3.0'
+        releaseVersion = 'r2.3.1'
         releaseWebsite = 'https://github.com/google/ExoPlayer'
     }
 }
diff --git a/demo/src/main/AndroidManifest.xml b/demo/src/main/AndroidManifest.xml
index a834c5df19..9a6e1a4d3a 100644
--- a/demo/src/main/AndroidManifest.xml
+++ b/demo/src/main/AndroidManifest.xml
@@ -16,8 +16,8 @@
 
 <manifest xmlns:android="http://schemas.android.com/apk/res/android"
     package="com.google.android.exoplayer2.demo"
-    android:versionCode="2300"
-    android:versionName="2.3.0">
+    android:versionCode="2301"
+    android:versionName="2.3.1">
 
   <uses-permission android:name="android.permission.INTERNET"/>
   <uses-permission android:name="android.permission.READ_EXTERNAL_STORAGE"/>
diff --git a/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java b/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
index 5ec7fac5dd..bee9904590 100644
--- a/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
+++ b/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
@@ -23,7 +23,7 @@ public interface ExoPlayerLibraryInfo {
   /**
    * The version of the library, expressed as a string.
    */
-  String VERSION = "2.3.0";
+  String VERSION = "2.3.1";
 
   /**
    * The version of the library, expressed as an integer.
@@ -32,7 +32,7 @@ public interface ExoPlayerLibraryInfo {
    * corresponding integer version 1002003 (001-002-003), and "123.45.6" has the corresponding
    * integer version 123045006 (123-045-006).
    */
-  int VERSION_INT = 2003000;
+  int VERSION_INT = 2003001;
 
   /**
    * Whether the library was compiled with {@link com.google.android.exoplayer2.util.Assertions}