diff --git a/CHANGELOG.md b/CHANGELOG.md
index 485db6a1..64a91f2e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [3.1.0]
+### Changed
+- Allow `npm:name@version` dependency redirections in manifest ([#158](https://github.com/MetaMask/create-release-branch/pull/158)) ([#159](https://github.com/MetaMask/create-release-branch/pull/159))
+
 ## [3.0.1]
 ### Changed
 - Bump `@metamask/utils` to `^9.0.0` ([#150](https://github.com/MetaMask/create-release-branch/pull/150))
@@ -59,7 +63,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
   - In this first release, this tool only supports monorepos with an independent versioning scheme. We will add support for other kinds of projects in future releases.
   - You can learn more on how to use this tool by reading the [documentation](docs/).
 
-[Unreleased]: https://github.com/MetaMask/create-release-branch/compare/v3.0.1...HEAD
+[Unreleased]: https://github.com/MetaMask/create-release-branch/compare/v3.1.0...HEAD
+[3.1.0]: https://github.com/MetaMask/create-release-branch/compare/v3.0.1...v3.1.0
 [3.0.1]: https://github.com/MetaMask/create-release-branch/compare/v3.0.0...v3.0.1
 [3.0.0]: https://github.com/MetaMask/create-release-branch/compare/v2.0.1...v3.0.0
 [2.0.1]: https://github.com/MetaMask/create-release-branch/compare/v2.0.0...v2.0.1
diff --git a/package.json b/package.json
index fc7c23a1..f8a064ea 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/create-release-branch",
-  "version": "3.0.1",
+  "version": "3.1.0",
   "description": "An interactive command-line tool to prepare a release branch by automatically bumping versions and updating changelogs for desired packages. Works for both polyrepos and monorepos.",
   "repository": {
     "type": "git",