diff --git a/README.rst b/README.rst
index 8bea757ad..818b78514 100644
--- a/README.rst
+++ b/README.rst
@@ -34,7 +34,7 @@ Here's a screenshot of the toolbar in action:
 In addition to the built-in panels, a number of third-party panels are
 contributed by the community.
 
-The current stable version of the Debug Toolbar is 3.2.2. It works on
+The current stable version of the Debug Toolbar is 3.2.3. It works on
 Django ≥ 2.2.
 
 Documentation, including installation and configuration instructions, is
diff --git a/debug_toolbar/__init__.py b/debug_toolbar/__init__.py
index 47e6de812..6a03ec8f3 100644
--- a/debug_toolbar/__init__.py
+++ b/debug_toolbar/__init__.py
@@ -7,7 +7,7 @@
 
 # Do not use pkg_resources to find the version but set it here directly!
 # see issue #1446
-VERSION = "3.2.2"
+VERSION = "3.2.3"
 
 # Code that discovers files or modules in INSTALLED_APPS imports this module.
 
diff --git a/docs/changes.rst b/docs/changes.rst
index 4fd5335d2..5c623e79f 100644
--- a/docs/changes.rst
+++ b/docs/changes.rst
@@ -4,6 +4,9 @@ Change log
 Next version
 ------------
 
+3.2.3 (2021-12-12)
+------------------
+
 * Changed cache monkey-patching for Django 3.2+ to iterate over existing
   caches and patch them individually rather than attempting to patch
   ``django.core.caches`` as a whole. The ``middleware.cache`` is still
diff --git a/docs/conf.py b/docs/conf.py
index 1fdad323e..b01ba395f 100644
--- a/docs/conf.py
+++ b/docs/conf.py
@@ -25,7 +25,7 @@
 copyright = copyright.format(datetime.date.today().year)
 
 # The full version, including alpha/beta/rc tags
-release = "3.2.2"
+release = "3.2.3"
 
 
 # -- General configuration ---------------------------------------------------
diff --git a/example/django-debug-toolbar.png b/example/django-debug-toolbar.png
index 3ad4a4af1..414df59e0 100644
Binary files a/example/django-debug-toolbar.png and b/example/django-debug-toolbar.png differ
diff --git a/setup.cfg b/setup.cfg
index 7dbfa86d4..5cc680607 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,6 +1,6 @@
 [metadata]
 name = django-debug-toolbar
-version = 3.2.2
+version = 3.2.3
 description = A configurable set of panels that display various debug information about the current request/response.
 long_description = file: README.rst
 long_description_content_type = text/x-rst