diff --git a/doc/changelog.rst b/doc/changelog.rst
index 67fd6c6..87bc1b2 100644
--- a/doc/changelog.rst
+++ b/doc/changelog.rst
@@ -1,6 +1,33 @@
 Changelog
 =========
 
+Version 0.4.0
+-------------
+
+This release fixes a couple problems from the previous 0.3 release and adds a
+number of new features, including:
+
+* Support for callable field defaults.
+* Change default values for DictField, OrderedDictField, ListField, and
+  EmbeddedDocumentListField to be the empty value for their respective
+  containers instead of None.
+* Add the `ignore_unknown_fields`
+  :ref:`metadata attribute <metadata-attributes>` which allows unknown
+  fields when parsing documents into a :class:`~pymodm.MongoModel`.
+  Note that with this option enabled, calling :meth:`~pymodm.MongoModel.save`
+  will erase these fields for that model instance.
+* Add :meth:`pymodm.queryset.QuerySet.reverse`.
+* Properly check that the `mongo_name` parameter to
+  :class:`~pymodm.base.fields.MongoBaseField`
+  and all keys in :class:`~pymodm.fields.DictField` and
+  :class:`~pymodm.fields.OrderedDictField` are valid MongoDB field names.
+* Fix multiple issues in dereferencing fields thanks to
+  https://github.com/ilex.
+
+
+For full list of the issues resolved in this release, visit
+https://jira.mongodb.org/browse/PYMODM/fixforversion/17785.
+
 Version 0.3.0
 -------------
 
diff --git a/pymodm/__init__.py b/pymodm/__init__.py
index 1de24ee..d41f011 100644
--- a/pymodm/__init__.py
+++ b/pymodm/__init__.py
@@ -20,4 +20,4 @@
 
 __all__ = fields.__all__ + connection.__all__ + base.__all__
 
-version = '0.3.1.dev0'
+version = '0.4.0'
diff --git a/setup.py b/setup.py
index b1c0d4a..722a1c0 100644
--- a/setup.py
+++ b/setup.py
@@ -20,7 +20,7 @@
     use_setuptools()
     from setuptools import setup, find_packages
 
-VERSION = '0.3.1.dev0'
+VERSION = '0.4.0'
 
 LONG_DESCRIPTION = None
 try: