diff --git a/.ci/bwcVersions b/.ci/bwcVersions
index ae24929ffa2..9c0b2ef4e83 100644
--- a/.ci/bwcVersions
+++ b/.ci/bwcVersions
@@ -42,3 +42,4 @@ BWC_VERSION:
   - "7.3.0"
   - "7.3.1"
   - "7.3.2"
+  - "7.4.0"
diff --git a/buildSrc/version.properties b/buildSrc/version.properties
index c8b39259781..12ff2f8cda7 100644
--- a/buildSrc/version.properties
+++ b/buildSrc/version.properties
@@ -1,4 +1,4 @@
-elasticsearch     = 7.4.0
+elasticsearch     = 7.5.0
 lucene            = 8.2.0
 
 bundled_jdk       = 12.0.2+10@e482c34c86bd4bf8b56c0b35558996b9
diff --git a/docs/Versions.asciidoc b/docs/Versions.asciidoc
index d6ceb470419..c1b188d721d 100644
--- a/docs/Versions.asciidoc
+++ b/docs/Versions.asciidoc
@@ -1,8 +1,8 @@
-:version:               7.4.0
+:version:               7.5.0
 ////
 bare_version never includes -alpha or -beta
 ////
-:bare_version:          7.4.0
+:bare_version:          7.5.0
 :major-version:         7.x
 :prev-major-version:    6.x
 :lucene_version:        8.2.0
diff --git a/server/src/main/java/org/elasticsearch/Version.java b/server/src/main/java/org/elasticsearch/Version.java
index 79089210fa4..30ccbee1703 100644
--- a/server/src/main/java/org/elasticsearch/Version.java
+++ b/server/src/main/java/org/elasticsearch/Version.java
@@ -118,7 +118,8 @@ public class Version implements Comparable<Version>, ToXContentFragment {
     public static final Version V_7_3_1 = new Version(7030199, org.apache.lucene.util.Version.LUCENE_8_1_0);
     public static final Version V_7_3_2 = new Version(7030299, org.apache.lucene.util.Version.LUCENE_8_1_0);
     public static final Version V_7_4_0 = new Version(7040099, org.apache.lucene.util.Version.LUCENE_8_2_0);
-    public static final Version CURRENT = V_7_4_0;
+    public static final Version V_7_5_0 = new Version(7050099, org.apache.lucene.util.Version.LUCENE_8_2_0);
+    public static final Version CURRENT = V_7_5_0;
 
     private static final ImmutableOpenIntMap<Version> idToVersion;