diff --git a/CMakeLists.txt b/CMakeLists.txt
index ba17fd6db..67e5fe315 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -3,7 +3,7 @@ cmake_minimum_required(VERSION 3.10.2 FATAL_ERROR)
 #============================================================================
 # Initialize the project
 #============================================================================
-project(gz-rendering7 VERSION 7.3.1)
+project(gz-rendering7 VERSION 7.4.0)
 
 #============================================================================
 # Find gz-cmake
diff --git a/Changelog.md b/Changelog.md
index ea46a6e4c..e98d8ba29 100644
--- a/Changelog.md
+++ b/Changelog.md
@@ -2,6 +2,20 @@
 
 ### Gazebo Rendering 7.X
 
+### Gazebo Rendering 7.4.0 (2023-05-17)
+
+1. Add optional binary relocatability
+    * [Pull request #804](https://github.com/gazebosim/gz-rendering/pull/804)
+
+1. Add Projector
+    * [Pull request #845](https://github.com/gazebosim/gz-rendering/pull/845)
+
+1. Add support for bayer images to Ogre and Ogre2
+    * [Pull request #838](https://github.com/gazebosim/gz-rendering/pull/838)
+
+1. Fix requiring OpenGL on macOS
+    * [Pull request #844](https://github.com/gazebosim/gz-rendering/pull/844)
+
 ### Gazebo Rendering 7.3.1 (2023-04-13)
 
 1. Lower severity level for ogre2 visibility mask msgs and unavailable render passes
diff --git a/Migration.md b/Migration.md
index 921807796..457ba72e8 100644
--- a/Migration.md
+++ b/Migration.md
@@ -40,6 +40,11 @@ release will remove the deprecated code.
     * CMake `-config` files
     * Paths that depend on the project name
 
+1. Updated Bayer image format enums in `PixelFormat.h` to match the Bayer
+formats used in gz-common and gz-msgs.
+  * `PF_BAYER_GBGR8` -> `PF_BAYER_GBRG8`
+  * `PF_BAYER_GRGB8` -> `PF_BAYER_GRBG8`
+
 ## Gazebo Rendering 6.2.1 to 6.X
 
 ### Modifications