diff --git a/CHANGELOG.md b/CHANGELOG.md
index 16ca65373..80db3c8a6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,17 +1,22 @@
 # Change Log
 
+## [0.4.32] - 2026-06-04
+
+### What's Changed
+* Support `Value` -> string conversions with `kv` + `std` features instead of `kv_std` by @tisonkun in https://github.com/rust-lang/log/pull/729
+
+**Full Changelog**: https://github.com/rust-lang/log/compare/0.4.31...0.4.32
+
 ## [0.4.31] - 2026-06-02
 
-## What's Changed
+### What's Changed
 * Leverage static str key when possible by @tisonkun in https://github.com/rust-lang/log/pull/727
 
-## New Contributors
+### New Contributors
 * @Isvane made their first contribution in https://github.com/rust-lang/log/pull/726
 
 **Full Changelog**: https://github.com/rust-lang/log/compare/0.4.30...0.4.31
 
-## [Unreleased]
-
 ## [0.4.30] - 2026-05-21
 
 ### What's Changed
@@ -413,7 +418,8 @@ version using log 0.4.x to avoid losing module and file information.
 
 Look at the [release tags] for information about older releases.
 
-[Unreleased]: https://github.com/rust-lang-nursery/log/compare/0.4.31...HEAD
+[Unreleased]: https://github.com/rust-lang-nursery/log/compare/0.4.32...HEAD
+[0.4.32]: https://github.com/rust-lang/log/compare/0.4.31...0.4.32
 [0.4.31]: https://github.com/rust-lang/log/compare/0.4.30...0.4.31
 [0.4.30]: https://github.com/rust-lang/log/compare/0.4.29...0.4.30
 [0.4.29]: https://github.com/rust-lang/log/compare/0.4.28...0.4.29
diff --git a/Cargo.toml b/Cargo.toml
index 231bb2987..70a254493 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 
 name = "log"
-version = "0.4.31" # remember to update html_root_url
+version = "0.4.32" # remember to update html_root_url
 authors = ["The Rust Project Developers"]
 license = "MIT OR Apache-2.0"
 readme = "README.md"
diff --git a/src/lib.rs b/src/lib.rs
index fba72444d..1682869a6 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -348,7 +348,7 @@
 #![doc(
     html_logo_url = "https://prev.rust-lang.org/logos/rust-logo-128x128-blk-v2.png",
     html_favicon_url = "https://prev.rust-lang.org/favicon.ico",
-    html_root_url = "https://docs.rs/log/0.4.31"
+    html_root_url = "https://docs.rs/log/0.4.32"
 )]
 #![warn(missing_docs)]
 #![deny(missing_debug_implementations, unconditional_recursion)]