diff --git a/buildSrc/version.properties b/buildSrc/version.properties
index 0d138fa3255..c75cea2a32b 100644
--- a/buildSrc/version.properties
+++ b/buildSrc/version.properties
@@ -1,4 +1,4 @@
-elasticsearch     = 7.3.0
+elasticsearch     = 7.4.0
 lucene            = 8.1.0
 
 bundled_jdk       = 12.0.1+12@69cfe15208a647278a19ef0990eea691
diff --git a/server/src/main/java/org/elasticsearch/Version.java b/server/src/main/java/org/elasticsearch/Version.java
index b806f3c3863..efc9ef77e5f 100644
--- a/server/src/main/java/org/elasticsearch/Version.java
+++ b/server/src/main/java/org/elasticsearch/Version.java
@@ -104,7 +104,8 @@ public class Version implements Comparable<Version>, ToXContentFragment {
     public static final Version V_7_2_0 = new Version(7020099, org.apache.lucene.util.Version.LUCENE_8_0_0);
     public static final Version V_7_2_1 = new Version(7020199, org.apache.lucene.util.Version.LUCENE_8_0_0);
     public static final Version V_7_3_0 = new Version(7030099, org.apache.lucene.util.Version.LUCENE_8_1_0);
-    public static final Version CURRENT = V_7_3_0;
+    public static final Version V_7_4_0 = new Version(7040099, org.apache.lucene.util.Version.LUCENE_8_1_0);
+    public static final Version CURRENT = V_7_4_0;
 
     private static final ImmutableOpenIntMap<Version> idToVersion;