diff --git a/CMakeLists.txt b/CMakeLists.txt
index 07329aaf3..60d707f1e 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -5,7 +5,7 @@ if(COMMAND CMAKE_POLICY)
   CMAKE_POLICY(SET CMP0004 NEW)
 endif(COMMAND CMAKE_POLICY)
 
-project (sdformat14 VERSION 14.6.0)
+project (sdformat14 VERSION 14.7.0)
 
 # The protocol version has nothing to do with the package version.
 # It represents the current version of SDFormat implemented by the software
diff --git a/Changelog.md b/Changelog.md
index 3de67f0e1..b9326d8f5 100644
--- a/Changelog.md
+++ b/Changelog.md
@@ -1,5 +1,17 @@
 ## libsdformat 14.X
 
+### libsdformat 14.7.0 (2025-01-30)
+
+1. Resolve auto inertia based on input mass
+    * [Pull request #1513](https://github.com/gazebosim/sdformat/pull/1513)
+    * [Pull request #1530](https://github.com/gazebosim/sdformat/pull/1530)
+
+1. Print auto inertial values with gz sdf --print --expand-auto-inertials
+    * [Pull request #1422](https://github.com/gazebosim/sdformat/pull/1422)
+
+1. Only look for psutil if testing is enabled
+    * [Pull request #1495](https://github.com/gazebosim/sdformat/pull/1495)
+
 ### libsdformat 14.6.0 (2024-11-18)
 
 1. Support removing the actor, light, or model from the root.
diff --git a/package.xml b/package.xml
index a1b231c42..d102c789a 100644
--- a/package.xml
+++ b/package.xml
@@ -1,7 +1,7 @@
 <?xml version="1.0"?>
 <package format="2">
   <name>sdformat14</name>
-  <version>14.6.0</version>
+  <version>14.7.0</version>
   <description>SDFormat is an XML file format that describes environments, objects, and robots
 in a manner suitable for robotic applications</description>