diff --git a/conda/recipe/meta.yaml b/conda/recipe/meta.yaml
index ad93383f5701..36e305e901e0 100644
--- a/conda/recipe/meta.yaml
+++ b/conda/recipe/meta.yaml
@@ -15,7 +15,7 @@
 # specific language governing permissions and limitations
 # under the License.
 
-{% set version = '0.16.dev0' %}
+{% set version = '0.16.0' %}
 {% set pkg_name = 'tvm' %}
 {% set cuda_tag = cuda_version | replace('.', '') %} # [cuda]
 {% set pkg_name = pkg_name + '-cu' + cuda_tag %} # [cuda]
diff --git a/include/tvm/runtime/c_runtime_api.h b/include/tvm/runtime/c_runtime_api.h
index ace097cf736d..94ffbbeb82e5 100644
--- a/include/tvm/runtime/c_runtime_api.h
+++ b/include/tvm/runtime/c_runtime_api.h
@@ -73,7 +73,7 @@
 #endif
 
 // TVM version
-#define TVM_VERSION "0.16.dev0"
+#define TVM_VERSION "0.16.0"
 
 // TVM Runtime is DLPack compatible.
 #include <dlpack/dlpack.h>
diff --git a/python/tvm/_ffi/libinfo.py b/python/tvm/_ffi/libinfo.py
index f32493a427d5..e783cb2d9451 100644
--- a/python/tvm/_ffi/libinfo.py
+++ b/python/tvm/_ffi/libinfo.py
@@ -247,4 +247,4 @@ def find_include_path(name=None, search_path=None, optional=False):
 # We use the version of the incoming release for code
 # that is under development.
 # The following line is set by tvm/python/update_version.py
-__version__ = "0.16.dev0"
+__version__ = "0.16.0"
diff --git a/version.py b/version.py
index b61a34e49e03..72090bc25482 100644
--- a/version.py
+++ b/version.py
@@ -44,7 +44,7 @@
 # Two tag formats are supported:
 # - vMAJ.MIN.PATCH (e.g. v0.8.0) or
 # - vMAJ.MIN.devN (e.g. v0.8.dev0)
-__version__ = "0.16.dev0"
+__version__ = "0.16.0"
 
 # ---------------------------------------------------
 
diff --git a/web/package.json b/web/package.json
index 49404b62e11c..89567b2c2a58 100644
--- a/web/package.json
+++ b/web/package.json
@@ -2,7 +2,7 @@
   "name": "tvmjs",
   "displayName": "TVM Wasm JS runtime",
   "license": "Apache-2.0",
-  "version": "0.16.0-dev0",
+  "version": "0.16.0",
   "files": [
     "lib"
   ],