diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9ce7c17097..201eef25ea 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,37 @@
+## 7.4.0
+
+### Client
+
+* Accept options passed to #perform_request to avoid infinite retry loop
+* Fix minor typo
+
+### API
+
+* Update documentation of put_script method
+
+### EXT:7.4.0
+
+
+
+### XPACK
+
+* Add ParamsRegistry in each direcotry and for Xpack top-level API
+* Add ParamsRegistry for Xpack data_frame API
+* Add ParamsRegistry for Xpack graph API
+* Add ParamsRegistry for Xpack license API
+* Add ParamsRegistry for Xpack MachineLearning API
+* Fix path for loading params_registry files
+* Add ParamsRegistry for Xpack Migration API
+* Add ParamsRegistry for Xpack Monitoring API
+* Add ParamsRegistry for Xpack Rollup API
+* Add ParamsRegistry for Xpack security API
+* Add ParamsRegistry for Xpack sql API
+* Add ParamsRegistry for Xpack watcher API
+* Update missed file with ParamsRegistry
+* Update versions in params registry files
+* Add update_data_frame_transform
+* Support Index Lifecycle Management(ILM) API
+
 ## 7.3.0
 
 ### Client
diff --git a/elasticsearch-api/lib/elasticsearch/api/version.rb b/elasticsearch-api/lib/elasticsearch/api/version.rb
index 48adc8cc4d..b1dc0d798d 100644
--- a/elasticsearch-api/lib/elasticsearch/api/version.rb
+++ b/elasticsearch-api/lib/elasticsearch/api/version.rb
@@ -4,6 +4,6 @@
 
 module Elasticsearch
   module API
-    VERSION = "7.3.0"
+    VERSION = "7.4.0"
   end
 end
diff --git a/elasticsearch-transport/lib/elasticsearch/transport/version.rb b/elasticsearch-transport/lib/elasticsearch/transport/version.rb
index 986fd17025..bdb5121365 100644
--- a/elasticsearch-transport/lib/elasticsearch/transport/version.rb
+++ b/elasticsearch-transport/lib/elasticsearch/transport/version.rb
@@ -4,6 +4,6 @@
 
 module Elasticsearch
   module Transport
-    VERSION = "7.3.0"
+    VERSION = "7.4.0"
   end
 end
diff --git a/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb b/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb
index fdfd1f8c98..ab7628c94f 100644
--- a/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb
+++ b/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb
@@ -4,6 +4,6 @@
 
 module Elasticsearch
   module XPack
-    VERSION = "7.3.0"
+    VERSION = "7.4.0"
   end
 end
diff --git a/elasticsearch/elasticsearch.gemspec b/elasticsearch/elasticsearch.gemspec
index edb3f640b4..abb904b1d7 100644
--- a/elasticsearch/elasticsearch.gemspec
+++ b/elasticsearch/elasticsearch.gemspec
@@ -27,8 +27,8 @@ Gem::Specification.new do |s|
 
   s.required_ruby_version = '>= 1.9'
 
-  s.add_dependency "elasticsearch-transport", '7.3.0'
-  s.add_dependency "elasticsearch-api",       '7.3.0'
+  s.add_dependency "elasticsearch-transport", '7.4.0'
+  s.add_dependency "elasticsearch-api",       '7.4.0'
 
   s.add_development_dependency "bundler"
 
diff --git a/elasticsearch/lib/elasticsearch/version.rb b/elasticsearch/lib/elasticsearch/version.rb
index b5e4903aba..809c90c3bf 100644
--- a/elasticsearch/lib/elasticsearch/version.rb
+++ b/elasticsearch/lib/elasticsearch/version.rb
@@ -3,5 +3,5 @@
 # See the LICENSE file in the project root for more information
 
 module Elasticsearch
-  VERSION = "7.3.0"
+  VERSION = "7.4.0"
 end