diff --git a/Makefile.am b/Makefile.am
index 98b13dcd043..5215a36f152 100644
--- a/Makefile.am
+++ b/Makefile.am
@@ -220,7 +220,7 @@ src_libfabric_la_LIBADD =
 src_libfabric_la_DEPENDENCIES = libfabric.map
 
 if !EMBEDDED
-src_libfabric_la_LDFLAGS += -version-info 24:1:23
+src_libfabric_la_LDFLAGS += -version-info 24:2:23
 endif
 src_libfabric_la_LDFLAGS += -export-dynamic \
 			   $(libfabric_version_script)
diff --git a/NEWS.md b/NEWS.md
index 1ee9bbbf210..49e3e53b6aa 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -6,6 +6,36 @@ bug fixes (and other actions) for each version of Libfabric since
 version 1.0.  New major releases include all fixes from minor
 releases with earlier release dates.
 
+v1.20.2, Mon March 11, 2024
+========================
+
+## Core
+- configure: Do not check for xpmem if disabled
+
+## EFA
+- Remove unnecessary check in rdma write.
+- Enable runting for neuron with a different runt size
+- Handle rx pkts error without ope
+- Distinguish unresponsive receiver errors
+- Add `efa_show_help()`
+- Refactor error code definitions
+- Remove error message assertions from CQ unit tests
+- Refactor `efa_strerror()`
+- Doxyfile: Configure tabs to 8 spaces
+- Rename Doxyfile
+
+## SHM
+- Revert the smr_region fields adjustment
+- Don't close dmabuf-fd when a request is done
+- Mark send as completed when a message is discarded
+- Print shm name and error code when failed to open
+- Close device_fds for connected peers when the EP is closed
+
+## Fabtests
+- Replace strtok with strtok_r
+- Add new exclude file for io_uring tests
+
+
 v1.20.1, Mon Jan 22, 2024
 =========================
 
diff --git a/configure.ac b/configure.ac
index 731389fb870..6347c7183dc 100644
--- a/configure.ac
+++ b/configure.ac
@@ -9,7 +9,7 @@ dnl
 dnl Process this file with autoconf to produce a configure script.
 
 AC_PREREQ([2.60])
-AC_INIT([libfabric], [1.20.1], [ofiwg@lists.openfabrics.org])
+AC_INIT([libfabric], [1.20.2rc1], [ofiwg@lists.openfabrics.org])
 AC_CONFIG_SRCDIR([src/fabric.c])
 AC_CONFIG_AUX_DIR(config)
 AC_CONFIG_MACRO_DIR(config)
diff --git a/fabtests/configure.ac b/fabtests/configure.ac
index 2833bc9c8b2..18a57cf30b1 100644
--- a/fabtests/configure.ac
+++ b/fabtests/configure.ac
@@ -5,7 +5,7 @@ dnl
 dnl Process this file with autoconf to produce a configure script.
 
 AC_PREREQ(2.57)
-AC_INIT([fabtests], [1.20.1], [ofiwg@lists.openfabrics.org])
+AC_INIT([fabtests], [1.20.2rc1], [ofiwg@lists.openfabrics.org])
 AC_CONFIG_AUX_DIR(config)
 AC_CONFIG_MACRO_DIR(config)
 AC_CONFIG_HEADERS(config.h)
diff --git a/include/rdma/fabric.h b/include/rdma/fabric.h
index 3f6a743ad90..9d00dd5290e 100644
--- a/include/rdma/fabric.h
+++ b/include/rdma/fabric.h
@@ -85,7 +85,7 @@ extern "C" {
 
 #define FI_MAJOR_VERSION 1
 #define FI_MINOR_VERSION 20
-#define FI_REVISION_VERSION 1
+#define FI_REVISION_VERSION 2
 
 enum {
 	FI_PATH_MAX		= 256,
diff --git a/include/windows/config.h b/include/windows/config.h
index 016ac1abdfa..34d277b24d6 100644
--- a/include/windows/config.h
+++ b/include/windows/config.h
@@ -256,7 +256,7 @@
 #define PACKAGE_TARNAME PACKAGE
 
 /* Define to the version of this package. */
-#define PACKAGE_VERSION "1.20.1"
+#define PACKAGE_VERSION "1.20.2rc1"
 
 /* Define to the full name and version of this package. */
 #define PACKAGE_STRING PACKAGE_NAME " " PACKAGE_VERSION