diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2778a445c..b95d0290f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,28 @@
 # Smithy Changelog
 
+## 1.49.0 (2024-05-08)
+
+### Features
+
+* Added list and map shapes to directed codegen. ([#2273](https://github.com/smithy-lang/smithy/pull/2273))
+* Added support for defaults on trait member values in trait-codegen. ([#2267](https://github.com/smithy-lang/smithy/pull/2267))
+* Added support for string-arrays for as parameters in rules-engine. ([#2266](https://github.com/smithy-lang/smithy/pull/2266))
+* Added new trait (`@operationContextParams`) for binding array parameters to nested operation inputs in the rules-engine. ([#2264](https://github.com/smithy-lang/smithy/pull/2264))
+
+### Bug Fixes
+
+* Fixed bug in the formatter where comments in operation errors were not being handled correctly. ([#2283](https://github.com/smithy-lang/smithy/pull/2283))
+* Fixed bug in the formatter where certain documentation comments were being converted to line-comments. ([#2277](https://github.com/smithy-lang/smithy/pull/2277))
+* Fixed incorrect status code in restXml response protocol test. ([#2272](https://github.com/smithy-lang/smithy/pull/2272))
+* Fixed ec2query protocol test for empty list serialization. ([#2269](https://github.com/smithy-lang/smithy/pull/2269))
+* Fixed Javadoc integration for documentation in members and enum variants in trait-codegen. ([#2265](https://github.com/smithy-lang/smithy/pull/2265)) 
+* Fixed timing issue in the delay calculation for waiter retries. ([#2259](https://github.com/smithy-lang/smithy/pull/2259))
+
+### Documentation
+
+* Corrected a typo in RPCv2 CBOR specificaiton. ([#2278](https://github.com/smithy-lang/smithy/pull/2278))
+* Updated casing of aggregate shape names in shape type table. ([#2271](https://github.com/smithy-lang/smithy/pull/2271))
+
 ## 1.48.0 (2024-04-24)
 
 ### Features
diff --git a/VERSION b/VERSION
index 9db5ea12f..7f3a46a84 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-1.48.0
+1.49.0