diff --git a/docs/admin-guide.md b/docs/admin-guide.md
index 75f93a82d..a31ec3005 100644
--- a/docs/admin-guide.md
+++ b/docs/admin-guide.md
@@ -883,7 +883,7 @@ In the management account in `us-east-1`:
 2. There might be a pull request if the `aws-deployment-framework-bootstrap`
    repository that you have has to be updated to apply recent changes of ADF.
    This would show up with the version that you deployed recently, for example
-   `v3.2.0`.
+   `v3.2.1`.
 3. If there is no pull request, nothing to worry about. In that case, no
    changes were required in your repository for this update. Continue to
    the next step. If there is a pull request, open it and review the
diff --git a/docs/installation-guide.md b/docs/installation-guide.md
index b70b673a9..1cd3b9d07 100644
--- a/docs/installation-guide.md
+++ b/docs/installation-guide.md
@@ -191,7 +191,7 @@ You can checkout a specific version by running:
 git checkout ${version_tag_goes_here}
 
 # For example:
-git checkout v3.2.0
+git checkout v3.2.1
 ```
 
 ### 3.3. Update Makefile
diff --git a/src/template.yml b/src/template.yml
index bbd852a90..38fcbae15 100644
--- a/src/template.yml
+++ b/src/template.yml
@@ -18,13 +18,13 @@ Metadata:
     Labels:
       ["adf", "aws-deployment-framework", "multi-account", "cicd", "devops"]
     HomePageUrl: https://github.com/awslabs/aws-deployment-framework
-    SemanticVersion: 3.2.0
+    SemanticVersion: 3.2.1
     SourceCodeUrl: https://github.com/awslabs/aws-deployment-framework
 
 Mappings:
   Metadata:
     ADF:
-      Version: 3.2.0
+      Version: 3.2.1
 
 Parameters:
   CrossAccountAccessRoleName: