diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8f9560107..bf3863c9a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,10 @@
 
 All notable changes to the LaunchDarkly PHP SDK will be documented in this file. This project adheres to [Semantic Versioning](http://semver.org).
 
+## [3.2.1] - 2018-07-16
+### Fixed:
+- The `LDClient::VERSION` constant has been fixed to report the current version. In the previous release, it was still set to 3.1.0.
+
 ## [3.2.0] - 2018-06-26
 ### Changed:
 - The client now treats most HTTP 4xx errors as unrecoverable: that is, after receiving such an error, it will take the client offline (for the lifetime of the client instance, which in most PHP applications is just the current request-response cycle). This is because such errors indicate either a configuration problem (invalid SDK key) or a bug, which is not likely to resolve without a restart or an upgrade. This does not apply if the error is 400, 408, 429, or any 5xx error.
diff --git a/VERSION b/VERSION
index 944880fa1..e4604e3af 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-3.2.0
+3.2.1
diff --git a/src/LaunchDarkly/LDClient.php b/src/LaunchDarkly/LDClient.php
index 4d2ac10b1..7ab75fe69 100644
--- a/src/LaunchDarkly/LDClient.php
+++ b/src/LaunchDarkly/LDClient.php
@@ -12,7 +12,7 @@ class LDClient
 {
     const DEFAULT_BASE_URI = 'https://app.launchdarkly.com';
     const DEFAULT_EVENTS_URI = 'https://events.launchdarkly.com';
-    const VERSION = '3.1.0';
+    const VERSION = '3.2.1';
 
     /** @var string */
     protected $_sdkKey;