diff --git a/src/core/include/openvino/core/version.hpp b/src/core/include/openvino/core/version.hpp
index 2a64a1200ad..887f8a6f830 100644
--- a/src/core/include/openvino/core/version.hpp
+++ b/src/core/include/openvino/core/version.hpp
@@ -21,7 +21,7 @@
 
 #define OPENVINO_VERSION_MAJOR 2022
 #define OPENVINO_VERSION_MINOR 3
-#define OPENVINO_VERSION_PATCH 1
+#define OPENVINO_VERSION_PATCH 2
 
 namespace ov {
 
diff --git a/src/inference/include/ie/ie_version.hpp b/src/inference/include/ie/ie_version.hpp
index 7323825a31c..819be181369 100644
--- a/src/inference/include/ie/ie_version.hpp
+++ b/src/inference/include/ie/ie_version.hpp
@@ -22,7 +22,7 @@
 
 #define IE_VERSION_MAJOR 2022
 #define IE_VERSION_MINOR 3
-#define IE_VERSION_PATCH 1
+#define IE_VERSION_PATCH 2
 
 #include "ie_api.h"