diff --git a/sdk/ml/azure-ai-ml/CHANGELOG.md b/sdk/ml/azure-ai-ml/CHANGELOG.md
index e19534fa451b..2a1d8c21a311 100644
--- a/sdk/ml/azure-ai-ml/CHANGELOG.md
+++ b/sdk/ml/azure-ai-ml/CHANGELOG.md
@@ -1,5 +1,13 @@
 # Release History
 
+## 1.33.0 (unreleased)
+
+### Features Added
+
+### Bugs Fixed
+
+### Other Changes
+
 ## 1.32.0 (unreleased)
 
 ### Features Added
diff --git a/sdk/ml/azure-ai-ml/azure/ai/ml/_version.py b/sdk/ml/azure-ai-ml/azure/ai/ml/_version.py
index 5858e14cc6f2..9b2409097fc0 100644
--- a/sdk/ml/azure-ai-ml/azure/ai/ml/_version.py
+++ b/sdk/ml/azure-ai-ml/azure/ai/ml/_version.py
@@ -2,4 +2,4 @@
 # Copyright (c) Microsoft Corporation. All rights reserved.
 # ---------------------------------------------------------
 
-VERSION = "1.32.0"
+VERSION = "1.33.0"