diff --git a/includes/class-woocommerce.php b/includes/class-woocommerce.php
index ab7162c75d0..a4059876149 100644
--- a/includes/class-woocommerce.php
+++ b/includes/class-woocommerce.php
@@ -22,7 +22,7 @@ final class WooCommerce {
 	 *
 	 * @var string
 	 */
-	public $version = '4.7.0';
+	public $version = '4.8.0';
 
 	/**
 	 * WooCommerce Schema version.
diff --git a/package.json b/package.json
index 8131dc7cd11..20314b90e5f 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
   "name": "woocommerce",
   "title": "WooCommerce",
-  "version": "4.7.0",
+  "version": "4.8.0",
   "homepage": "https://woocommerce.com/",
   "repository": {
     "type": "git",
diff --git a/readme.txt b/readme.txt
index 6525a27eedd..c8dd7a10331 100644
--- a/readme.txt
+++ b/readme.txt
@@ -160,7 +160,7 @@ WooCommerce comes with some sample data you can use to see how products look; im
 
 == Changelog ==
 
-= 4.7.0 - 2020-11-xx =
+= 4.8.0 - 2020-12-xx =
 
 [See changelog for all versions](https://raw.githubusercontent.com/woocommerce/woocommerce/master/changelog.txt).
 
diff --git a/woocommerce.php b/woocommerce.php
index f626913cf90..3e0bc877ce4 100644
--- a/woocommerce.php
+++ b/woocommerce.php
@@ -3,7 +3,7 @@
  * Plugin Name: WooCommerce
  * Plugin URI: https://woocommerce.com/
  * Description: An eCommerce toolkit that helps you sell anything. Beautifully.
- * Version: 4.7.0-dev
+ * Version: 4.8.0-dev
  * Author: Automattic
  * Author URI: https://woocommerce.com
  * Text Domain: woocommerce