diff --git a/scripts/update_version.py b/scripts/update_version.py
new file mode 100644
index 00000000..716dab50
--- /dev/null
+++ b/scripts/update_version.py
@@ -0,0 +1,45 @@
+#
+# Copyright (c) 2024 Nordic Semiconductor ASA
+#
+# SPDX-License-Identifier: Apache-2.0
+#
+
+from sys import argv
+from pathlib import Path
+from re import sub, match, S
+from datetime import datetime
+
+p_root = Path(__file__).absolute().parents[1]
+p_VERSION = Path(p_root, 'zcbor', 'VERSION')
+p_RELEASE_NOTES = Path(p_root, 'RELEASE_NOTES.md')
+p_MIGRATION_GUIDE = Path(p_root, 'MIGRATION_GUIDE.md')
+p_common_h = Path(p_root, 'include', 'zcbor_common.h')
+
+def update_relnotes(p_relnotes, version, include_date=True):
+    relnotes_contents = p_relnotes.read_text(encoding="utf-8")
+    relnotes_lines = relnotes_contents.splitlines()
+    if version not in relnotes_lines[0]:
+        new_date = f" ({datetime.today().strftime('%Y-%m-%d')})" if include_date else ""
+        relnotes_new_header = f"# zcbor v. {version}{new_date}\n"
+        if ".99" not in relnotes_lines[0]:
+            prev_entry = match(r"\A# zcbor.*?(?=# zcbor v.)", relnotes_contents, S).group(0)
+            relnotes_contents = prev_entry + relnotes_contents
+        relnotes_contents = sub(r".*?\n", relnotes_new_header, relnotes_contents, count=1)
+        p_relnotes.write_text(relnotes_contents, encoding="utf-8")
+
+
+if __name__ == "__main__":
+    if len(argv) != 2 or match(r'\d+\.\d+\.\d+', argv[1]) is None:
+        print(f"Usage: {argv[0]} <new zcbor version>")
+        exit(1)
+    version = argv[1]
+    (major, minor, bugfix) = version.split('.')
+
+    p_VERSION.write_text(version, encoding="utf-8")
+    update_relnotes(p_RELEASE_NOTES, version)
+    update_relnotes(p_MIGRATION_GUIDE, version, include_date=False)
+    p_common_h_contents = p_common_h.read_text(encoding="utf-8")
+    common_h_new_contents = sub(r"(#define ZCBOR_VERSION_MAJOR )\d+", f"\\g<1>{major}", p_common_h_contents)
+    common_h_new_contents = sub(r"(#define ZCBOR_VERSION_MINOR )\d+", f"\\g<1>{minor}", common_h_new_contents)
+    common_h_new_contents = sub(r"(#define ZCBOR_VERSION_BUGFIX )\d+", f"\\g<1>{bugfix}", common_h_new_contents)
+    p_common_h.write_text(common_h_new_contents, encoding="utf-8")