diff --git a/NEWS b/NEWS
index 5e4368e..13a3b51 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,19 @@
+Overview of changes leading to 3.2.0
+Friday, November 26, 2021
+====================================
+
+“harfbuzz” library improvements:
+- Fixed shaping of Apple Color Emoji flags in right-to-left context. (Behdad Esfahbod)
+- Fixed positioning of CFF fonts in HB_TINY profile. (Behdad Esfahbod)
+- OpenType 1.9 language tags update. (David Corbett)
+- Add HB_NO_VERTICAL config option.
+- Add HB_CONFIG_OVERRIDE_H for easier configuration. (Behdad Esfahbod)
+
+“harfbuzz-subset” library improvements:
+- Improved packing of cmap, loca, and Ligature tables. (Garret Rieger)
+- Significantly improved overflow-resolution strategy in the repacker. (Garret Rieger)
+
+
 Overview of changes leading to 3.1.2
 Friday, November 26, 2021
 ====================================
diff --git a/configure.ac b/configure.ac
index af72ff9..605cfbe 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,6 +1,6 @@
 AC_PREREQ([2.64])
 AC_INIT([HarfBuzz],
-        [3.1.2],
+        [3.2.0],
         [https://github.com/harfbuzz/harfbuzz/issues/new],
         [harfbuzz],
         [http://harfbuzz.org/])
diff --git a/meson.build b/meson.build
index 0dfd637..5dd936c 100644
--- a/meson.build
+++ b/meson.build
@@ -1,6 +1,6 @@
 project('harfbuzz', 'c', 'cpp',
   meson_version: '>= 0.55.0',
-  version: '3.1.2',
+  version: '3.2.0',
   default_options: [
     'cpp_rtti=false',       # Just to support msvc, we are passing -fno-exceptions also anyway
     'cpp_std=c++11',
diff --git a/src/hb-version.h b/src/hb-version.h
index c9fefa1..52b124b 100644
--- a/src/hb-version.h
+++ b/src/hb-version.h
@@ -47,20 +47,20 @@
  *
  * The minor component of the library version available at compile-time.
  */
-#define HB_VERSION_MINOR 1
+#define HB_VERSION_MINOR 2
 /**
  * HB_VERSION_MICRO:
  *
  * The micro component of the library version available at compile-time.
  */
-#define HB_VERSION_MICRO 2
+#define HB_VERSION_MICRO 0
 
 /**
  * HB_VERSION_STRING:
  *
  * A string literal containing the library version available at compile-time.
  */
-#define HB_VERSION_STRING "3.1.2"
+#define HB_VERSION_STRING "3.2.0"
 
 /**
  * HB_VERSION_ATLEAST: