diff --git a/sdk/python/README.md b/sdk/python/README.md
index 3bce2c24cc..e2ffbb77eb 100644
--- a/sdk/python/README.md
+++ b/sdk/python/README.md
@@ -102,8 +102,8 @@ the Tekton YAML instead of Argo YAML. Since the KFP SDK was not designed and imp
 _monkey-patching_ was used to replace non-class methods and functions at runtime.
 
 In order for the _monkey patch_ to work properly, the `kfp-tekton` compiler source code has to be aligned with a
-specific version of the `kfp` SDK compiler. As of now the `kfp-tekton` SDK version is `1.7.0` which is aligned with KFP
-SDK version [`1.8.21`](https://pypi.org/project/kfp/1.8.21/).
+specific version of the `kfp` SDK compiler. As of now the `kfp-tekton` SDK version is `1.7.1` which is aligned with KFP
+SDK version [`1.8.22`](https://pypi.org/project/kfp/1.8.22/).
 
 
 ## Adding New Code
diff --git a/sdk/python/kfp_tekton/__init__.py b/sdk/python/kfp_tekton/__init__.py
index 0de50e738e..045e0d3ad4 100644
--- a/sdk/python/kfp_tekton/__init__.py
+++ b/sdk/python/kfp_tekton/__init__.py
@@ -12,7 +12,7 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = '1.7.0'
+__version__ = '1.7.1'
 
 from ._client import TektonClient  # noqa F401
 from .k8s_client_helper import env_from_secret  # noqa F401
diff --git a/sdk/python/setup.py b/sdk/python/setup.py
index b7507463b5..1e256e2785 100644
--- a/sdk/python/setup.py
+++ b/sdk/python/setup.py
@@ -20,14 +20,14 @@
 #
 # To create a distribution for PyPi run:
 #
-#    $ export KFP_TEKTON_VERSION=1.7.0-rc1
+#    $ export KFP_TEKTON_VERSION=1.7.1-rc1
 #    $ python3 setup.py sdist
 #    $ twine check dist/kfp-tekton-${KFP_TEKTON_VERSION/-rc/rc}.tar.gz
 #    $ twine upload --repository pypi dist/kfp-tekton-${KFP_TEKTON_VERSION/-rc/rc}.tar.gz
 #
 #   ... or:
 #
-#    $ make distribution KFP_TEKTON_VERSION=1.7.0-rc1
+#    $ make distribution KFP_TEKTON_VERSION=1.7.1-rc1
 #
 # =============================================================================