diff --git a/CMakeLists.txt b/CMakeLists.txt
index fbb6d18d..93f3fd1c 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -1,7 +1,7 @@
 cmake_policy(SET CMP0091 NEW)
 set(CMAKE_FIND_NO_INSTALL_PREFIX TRUE FORCE)
 cmake_minimum_required (VERSION 3.16)
-project(treelite LANGUAGES CXX C VERSION 3.3.0)
+project(treelite LANGUAGES CXX C VERSION 3.4.0)
 
 # check MSVC version
 if(MSVC)