diff --git a/build.gradle b/build.gradle
index 63039d19981..e497e9a9866 100644
--- a/build.gradle
+++ b/build.gradle
@@ -18,7 +18,7 @@ subprojects {
     apply plugin: "net.ltgt.errorprone"
 
     group = "io.grpc"
-    version = "1.38.1-SNAPSHOT" // CURRENT_GRPC_VERSION
+    version = "1.38.1" // CURRENT_GRPC_VERSION
 
     repositories {
         maven { // The google mirror is less flaky than mavenCentral()
diff --git a/compiler/src/test/golden/TestDeprecatedService.java.txt b/compiler/src/test/golden/TestDeprecatedService.java.txt
index 3e1f432825b..5cd7814cd52 100644
--- a/compiler/src/test/golden/TestDeprecatedService.java.txt
+++ b/compiler/src/test/golden/TestDeprecatedService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.38.1-SNAPSHOT)",
+    value = "by gRPC proto compiler (version 1.38.1)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @java.lang.Deprecated
 public final class TestDeprecatedServiceGrpc {
diff --git a/compiler/src/test/golden/TestService.java.txt b/compiler/src/test/golden/TestService.java.txt
index 26240b132f9..1578c6a86f2 100644
--- a/compiler/src/test/golden/TestService.java.txt
+++ b/compiler/src/test/golden/TestService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.38.1-SNAPSHOT)",
+    value = "by gRPC proto compiler (version 1.38.1)",
     comments = "Source: grpc/testing/compiler/test.proto")
 public final class TestServiceGrpc {
 
diff --git a/compiler/src/testLite/golden/TestDeprecatedService.java.txt b/compiler/src/testLite/golden/TestDeprecatedService.java.txt
index dc39c72252c..4a47a1bd3b7 100644
--- a/compiler/src/testLite/golden/TestDeprecatedService.java.txt
+++ b/compiler/src/testLite/golden/TestDeprecatedService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.38.1-SNAPSHOT)",
+    value = "by gRPC proto compiler (version 1.38.1)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @java.lang.Deprecated
 public final class TestDeprecatedServiceGrpc {
diff --git a/compiler/src/testLite/golden/TestService.java.txt b/compiler/src/testLite/golden/TestService.java.txt
index ee0b8ce1ec3..167a1d27c76 100644
--- a/compiler/src/testLite/golden/TestService.java.txt
+++ b/compiler/src/testLite/golden/TestService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.38.1-SNAPSHOT)",
+    value = "by gRPC proto compiler (version 1.38.1)",
     comments = "Source: grpc/testing/compiler/test.proto")
 public final class TestServiceGrpc {
 
diff --git a/core/src/main/java/io/grpc/internal/GrpcUtil.java b/core/src/main/java/io/grpc/internal/GrpcUtil.java
index 1c0c97b871a..7f655a47a71 100644
--- a/core/src/main/java/io/grpc/internal/GrpcUtil.java
+++ b/core/src/main/java/io/grpc/internal/GrpcUtil.java
@@ -197,7 +197,7 @@ public byte[] parseAsciiString(byte[] serialized) {
 
   public static final Splitter ACCEPT_ENCODING_SPLITTER = Splitter.on(',').trimResults();
 
-  private static final String IMPLEMENTATION_VERSION = "1.38.1-SNAPSHOT"; // CURRENT_GRPC_VERSION
+  private static final String IMPLEMENTATION_VERSION = "1.38.1"; // CURRENT_GRPC_VERSION
 
   /**
    * The default timeout in nanos for a keepalive ping request.
diff --git a/examples/android/clientcache/app/build.gradle b/examples/android/clientcache/app/build.gradle
index 36abaf5bcc6..f19c4997be7 100644
--- a/examples/android/clientcache/app/build.gradle
+++ b/examples/android/clientcache/app/build.gradle
@@ -34,7 +34,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.12.0' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -54,12 +54,12 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.38.1' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 
     testImplementation 'junit:junit:4.12'
     testImplementation 'com.google.truth:truth:1.0.1'
-    testImplementation 'io.grpc:grpc-testing:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    testImplementation 'io.grpc:grpc-testing:1.38.1' // CURRENT_GRPC_VERSION
 }
diff --git a/examples/android/helloworld/app/build.gradle b/examples/android/helloworld/app/build.gradle
index 38f0897c6df..5f4562742a2 100644
--- a/examples/android/helloworld/app/build.gradle
+++ b/examples/android/helloworld/app/build.gradle
@@ -32,7 +32,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.12.0' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -52,8 +52,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.38.1' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/android/routeguide/app/build.gradle b/examples/android/routeguide/app/build.gradle
index 2daa76de885..a2d969604d2 100644
--- a/examples/android/routeguide/app/build.gradle
+++ b/examples/android/routeguide/app/build.gradle
@@ -32,7 +32,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.12.0' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -52,8 +52,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.38.1' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/android/strictmode/app/build.gradle b/examples/android/strictmode/app/build.gradle
index df45abff5ca..9223231b1c1 100644
--- a/examples/android/strictmode/app/build.gradle
+++ b/examples/android/strictmode/app/build.gradle
@@ -33,7 +33,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.12.0' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.38.1' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -53,8 +53,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:28.0.0'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.38.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.38.1' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/build.gradle b/examples/build.gradle
index 5061a2f3407..69973fe0a23 100644
--- a/examples/build.gradle
+++ b/examples/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.38.1' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.12.0'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-alts/build.gradle b/examples/example-alts/build.gradle
index 7fd970a0f7e..1f84ea2e7de 100644
--- a/examples/example-alts/build.gradle
+++ b/examples/example-alts/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.38.1' // CURRENT_GRPC_VERSION
 def protocVersion = '3.12.0'
 
 dependencies {
diff --git a/examples/example-gauth/build.gradle b/examples/example-gauth/build.gradle
index ec299402f63..f0be360ab79 100644
--- a/examples/example-gauth/build.gradle
+++ b/examples/example-gauth/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.38.1' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.12.0'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-gauth/pom.xml b/examples/example-gauth/pom.xml
index 70df29bddf0..34e9e03e57e 100644
--- a/examples/example-gauth/pom.xml
+++ b/examples/example-gauth/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.38.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.38.1</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-gauth</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.38.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.38.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.12.0</protobuf.version>
     <!-- required for jdk9 -->
     <maven.compiler.source>1.7</maven.compiler.source>
diff --git a/examples/example-hostname/build.gradle b/examples/example-hostname/build.gradle
index 3553eeaae50..78809aa2b7c 100644
--- a/examples/example-hostname/build.gradle
+++ b/examples/example-hostname/build.gradle
@@ -21,7 +21,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.38.1' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.12.0'
 
 dependencies {
diff --git a/examples/example-hostname/pom.xml b/examples/example-hostname/pom.xml
index e391e051603..0955a348838 100644
--- a/examples/example-hostname/pom.xml
+++ b/examples/example-hostname/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.38.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.38.1</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-hostname</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.38.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.38.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protoc.version>3.12.0</protoc.version>
     <!-- required for jdk9 -->
     <maven.compiler.source>1.7</maven.compiler.source>
diff --git a/examples/example-jwt-auth/build.gradle b/examples/example-jwt-auth/build.gradle
index 721707680b9..272816cf4df 100644
--- a/examples/example-jwt-auth/build.gradle
+++ b/examples/example-jwt-auth/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.38.1' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.12.0'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-jwt-auth/pom.xml b/examples/example-jwt-auth/pom.xml
index d77d2fc60c0..1068bf08523 100644
--- a/examples/example-jwt-auth/pom.xml
+++ b/examples/example-jwt-auth/pom.xml
@@ -7,13 +7,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.38.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.38.1</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-jwt-auth</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.38.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.38.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.12.0</protobuf.version>
     <protoc.version>3.12.0</protoc.version>
     <!-- required for jdk9 -->
diff --git a/examples/example-tls/build.gradle b/examples/example-tls/build.gradle
index 2c44b424685..61129af430e 100644
--- a/examples/example-tls/build.gradle
+++ b/examples/example-tls/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.38.1' // CURRENT_GRPC_VERSION
 def protocVersion = '3.12.0'
 
 dependencies {
diff --git a/examples/example-tls/pom.xml b/examples/example-tls/pom.xml
index 485dfcf505f..2377ff7039e 100644
--- a/examples/example-tls/pom.xml
+++ b/examples/example-tls/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.38.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.38.1</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-tls</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.38.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.38.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protoc.version>3.12.0</protoc.version>
     <netty.tcnative.version>2.0.34.Final</netty.tcnative.version>
     <!-- required for jdk9 -->
diff --git a/examples/example-xds/build.gradle b/examples/example-xds/build.gradle
index f30d588f8d9..76c62cdbe92 100644
--- a/examples/example-xds/build.gradle
+++ b/examples/example-xds/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.38.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.38.1' // CURRENT_GRPC_VERSION
 def nettyTcNativeVersion = '2.0.31.Final'
 def protocVersion = '3.12.0'
 
diff --git a/examples/pom.xml b/examples/pom.xml
index 7eadcc93aa0..d518a7d105e 100644
--- a/examples/pom.xml
+++ b/examples/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.38.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.38.1</version><!-- CURRENT_GRPC_VERSION -->
   <name>examples</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.38.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.38.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.12.0</protobuf.version>
     <protoc.version>3.12.0</protoc.version>
     <!-- required for jdk9 -->