diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7e5f1b59b7..c1b039b1cb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -10,6 +10,12 @@
 
 ### Bug fixes
 
+# 2.3.18 (7 Oct 2024)
+
+### Bug fixes
+
+- Properly use trace options when `trace_with` is used after `trace_class` #5118
+
 # 2.3.17 (4 Oct 2024)
 
 ### Bug fixes
diff --git a/lib/graphql/version.rb b/lib/graphql/version.rb
index f66a468d52..68641976a4 100644
--- a/lib/graphql/version.rb
+++ b/lib/graphql/version.rb
@@ -1,4 +1,4 @@
 # frozen_string_literal: true
 module GraphQL
-  VERSION = "2.3.17"
+  VERSION = "2.3.18"
 end