diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index fbc6023269f6..2ccb0ae2785b 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -20,12 +20,17 @@ The format is based on `Keep a Changelog`_.
 `UNRELEASED`_
 =============
 
+`0.7.1`_ - 2019-03-04
+=====================
+
+
 Fixed
 -----
 
 - Fixed a bug with measurement sampling optimization in BasicAer
   qasm_simulator (#1624).
 
+
 `0.7.0`_ - 2018-12-19
 =====================
 
@@ -878,7 +883,8 @@ Fixed
 - Correct operator precedence when parsing expressions (#190).
 - Fix "math domain error" in mapping (#111, #151).
 
-.. _UNRELEASED: https://github.com/Qiskit/qiskit-terra/compare/0.7.0...HEAD
+.. _UNRELEASED: https://github.com/Qiskit/qiskit-terra/compare/0.7.1...HEAD
+.. _0.7.1: https://github.com/Qiskit/qiskit-terra/compare/0.7.0...0.7.1
 .. _0.7.0: https://github.com/Qiskit/qiskit-terra/compare/0.6.0...0.7.0
 .. _0.6.0: https://github.com/Qiskit/qiskit-terra/compare/0.5.7...0.6.0
 .. _0.5.7: https://github.com/Qiskit/qiskit-terra/compare/0.5.6...0.5.7
diff --git a/qiskit/VERSION.txt b/qiskit/VERSION.txt
index faef31a4357c..39e898a4f952 100644
--- a/qiskit/VERSION.txt
+++ b/qiskit/VERSION.txt
@@ -1 +1 @@
-0.7.0
+0.7.1
diff --git a/setup.py b/setup.py
index c62538acc9ab..c9e85a943d5d 100755
--- a/setup.py
+++ b/setup.py
@@ -89,7 +89,7 @@ def has_ext_modules(self):
 
 setup(
     name="qiskit-terra",
-    version="0.7.0",
+    version="0.7.1",
     description="Software for developing quantum computing programs",
     long_description="""Terra provides the foundations for Qiskit. It allows the user to write 
         quantum circuits easily, and takes care of the constraints of real hardware.""",