diff --git a/VERSION b/VERSION
index 94ff29c..944880f 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-3.1.1
+3.2.0
diff --git a/docker-compose.yml b/docker-compose.yml
index f222d68..65176c5 100644
--- a/docker-compose.yml
+++ b/docker-compose.yml
@@ -1,6 +1,6 @@
 services:
   netbox: &netbox
-    image: docker.io/netboxcommunity/netbox:${VERSION-v4.2-3.1.1}
+    image: docker.io/netboxcommunity/netbox:${VERSION-v4.2-3.2.0}
     depends_on:
       - postgres
       - redis