diff --git a/python/ray/__init__.py b/python/ray/__init__.py
index 9d0a68722..2efb5739d 100644
--- a/python/ray/__init__.py
+++ b/python/ray/__init__.py
@@ -22,7 +22,7 @@ import ray.actor  # noqa: F401
 
 # Ray version string. TODO(rkn): This is also defined separately in setup.py.
 # Fix this.
-__version__ = "0.1.2"
+__version__ = "0.2.0"
 
 __all__ = ["register_class", "error_info", "init", "connect", "disconnect",
            "get", "put", "wait", "remote", "log_event", "log_span",
diff --git a/python/setup.py b/python/setup.py
index b5cef5f78..942fae75a 100644
--- a/python/setup.py
+++ b/python/setup.py
@@ -75,7 +75,7 @@ class BinaryDistribution(Distribution):
 
 
 setup(name="ray",
-      version="0.1.2",
+      version="0.2.0",
       packages=find_packages(),
       cmdclass={"build_ext": build_ext},
       # The BinaryDistribution argument triggers build_ext.