diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7dad39f73..b9b7d253e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,25 @@
+1.4.1 / 2022-10-14
+==================
+
+This is patch release contains several bugfixes and improvements. 
+Kotlin 1.7.20 is used by default.
+
+### Improvements
+
+  * Add @MustBeDocumented to certain annotations (#2059)
+  * Deprecate .isNullable in SerialDescriptor builder (#2040)
+  * Unsigned primitives and unsigned arrays serializers can be retrieved as built-ins (#1992)
+  * Serializers are now cached inside reflective lookup, leading to faster serializer retrieval (#2015)
+  * Compiler plugin can create enum serializers using static factories for better speed (#1851) (Kotlin 1.7.20 required)
+  * Provide foundation for compiler plugin intrinsics available in Kotlin 1.8.0 (#2031)
+
+### Bugfixes
+
+  * Support polymorphism in Properties format (#2052) (thanks to [Rodrigo Vedovato](https://github.com/rodrigovedovato))
+  * Added support of UTF-16 surrogate pairs to okio streams (#2033)
+  * Fix dependency on core module from HOCON module (#2020) (thanks to [Osip Fatkullin](https://github.com/osipxd))
+
+
 1.4.0 / 2022-08-18
 ==================
 
diff --git a/README.md b/README.md
index e0461a97a..6841e13d3 100644
--- a/README.md
+++ b/README.md
@@ -4,8 +4,8 @@
 [![JetBrains official project](https://jb.gg/badges/official.svg)](https://confluence.jetbrains.com/display/ALL/JetBrains+on+GitHub)
 [![GitHub license](https://img.shields.io/badge/license-Apache%20License%202.0-blue.svg?style=flat)](http://www.apache.org/licenses/LICENSE-2.0)
 [![TeamCity build](https://img.shields.io/teamcity/http/teamcity.jetbrains.com/s/KotlinTools_KotlinxSerialization_Ko.svg)](https://teamcity.jetbrains.com/viewType.html?buildTypeId=KotlinTools_KotlinxSerialization_Ko&guest=1)
-[![Kotlin](https://img.shields.io/badge/kotlin-1.7.10-blue.svg?logo=kotlin)](http://kotlinlang.org)
-[![Maven Central](https://img.shields.io/maven-central/v/org.jetbrains.kotlinx/kotlinx-serialization-core/1.4.0)](https://search.maven.org/artifact/org.jetbrains.kotlinx/kotlinx-serialization-core/1.4.0/pom)
+[![Kotlin](https://img.shields.io/badge/kotlin-1.7.20-blue.svg?logo=kotlin)](http://kotlinlang.org)
+[![Maven Central](https://img.shields.io/maven-central/v/org.jetbrains.kotlinx/kotlinx-serialization-core/1.4.1)](https://search.maven.org/artifact/org.jetbrains.kotlinx/kotlinx-serialization-core/1.4.1/pom)
 [![KDoc link](https://img.shields.io/badge/API_reference-KDoc-blue)](https://kotlinlang.org/api/kotlinx.serialization/)
 [![Slack channel](https://img.shields.io/badge/chat-slack-blue.svg?logo=slack)](https://kotlinlang.slack.com/messages/serialization/)
 
@@ -89,8 +89,8 @@ Kotlin DSL:
 
 ```kotlin
 plugins {
-    kotlin("jvm") version "1.7.10" // or kotlin("multiplatform") or any other kotlin plugin
-    kotlin("plugin.serialization") version "1.7.10"
+    kotlin("jvm") version "1.7.20" // or kotlin("multiplatform") or any other kotlin plugin
+    kotlin("plugin.serialization") version "1.7.20"
 }
 ```       
 
@@ -98,8 +98,8 @@ Groovy DSL:
 
 ```gradle
 plugins {
-    id 'org.jetbrains.kotlin.multiplatform' version '1.7.10'
-    id 'org.jetbrains.kotlin.plugin.serialization' version '1.7.10'
+    id 'org.jetbrains.kotlin.multiplatform' version '1.7.20'
+    id 'org.jetbrains.kotlin.plugin.serialization' version '1.7.20'
 }
 ```
 
@@ -116,7 +116,7 @@ buildscript {
     repositories { mavenCentral() }
 
     dependencies {
-        val kotlinVersion = "1.7.10"
+        val kotlinVersion = "1.7.20"
         classpath(kotlin("gradle-plugin", version = kotlinVersion))
         classpath(kotlin("serialization", version = kotlinVersion))
     }
@@ -127,7 +127,7 @@ Groovy DSL:
 
 ```gradle
 buildscript {
-    ext.kotlin_version = '1.7.10'
+    ext.kotlin_version = '1.7.20'
     repositories { mavenCentral() }
 
     dependencies {
@@ -156,7 +156,7 @@ repositories {
 }
 
 dependencies {
-    implementation("org.jetbrains.kotlinx:kotlinx-serialization-json:1.4.0")
+    implementation("org.jetbrains.kotlinx:kotlinx-serialization-json:1.4.1")
 }
 ```
 
@@ -168,7 +168,7 @@ repositories {
 }
 
 dependencies {
-    implementation "org.jetbrains.kotlinx:kotlinx-serialization-json:1.4.0"
+    implementation "org.jetbrains.kotlinx:kotlinx-serialization-json:1.4.1"
 }
 ```
 
@@ -286,8 +286,8 @@ Ensure the proper version of Kotlin and serialization version:
 
 ```xml
 <properties>
-    <kotlin.version>1.7.10</kotlin.version>
-    <serialization.version>1.4.0</serialization.version>
+    <kotlin.version>1.7.20</kotlin.version>
+    <serialization.version>1.4.1</serialization.version>
 </properties>
 ```
 
diff --git a/gradle.properties b/gradle.properties
index d78c03838..070e73916 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -3,9 +3,9 @@
 #
 
 group=org.jetbrains.kotlinx
-version=1.4.1-SNAPSHOT
+version=1.5.0-SNAPSHOT
 
-kotlin.version=1.7.20-RC
+kotlin.version=1.7.20
 
 # This version take precedence if 'bootstrap' property passed to project
 kotlin.version.snapshot=1.8.255-SNAPSHOT
diff --git a/integration-test/gradle.properties b/integration-test/gradle.properties
index e5daf06ad..753fbdc17 100644
--- a/integration-test/gradle.properties
+++ b/integration-test/gradle.properties
@@ -2,8 +2,8 @@
 # Copyright 2017-2020 JetBrains s.r.o. Use of this source code is governed by the Apache 2.0 license.
 #
 
-mainKotlinVersion=1.7.20-RC
-mainLibVersion=1.4.1-SNAPSHOT
+mainKotlinVersion=1.7.20
+mainLibVersion=1.5.0-SNAPSHOT
 
 kotlin.code.style=official
 kotlin.js.compiler=both