diff --git a/CHANGELOG.md b/CHANGELOG.md
index a319cbb49..9362e8d84 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,19 @@
 Change log
 ==========
 
+1.27.1 (2020-09-10)
+-------------------
+
+### Bugs
+
+- Fix `compose run` when `service.scale` is specified
+
+- Allow `driver` property for external networks as temporary workaround for swarm network propagation issue
+
+- Pin new internal schema version to `3.9` as the default
+
+- Preserve the version when configured in the compose file
+
 1.27.0 (2020-09-07)
 -------------------
 
diff --git a/compose/__init__.py b/compose/__init__.py
index e2ba8ba3b..a873751ac 100644
--- a/compose/__init__.py
+++ b/compose/__init__.py
@@ -1 +1 @@
-__version__ = '1.27.0'
+__version__ = '1.27.1'
diff --git a/script/run/run.sh b/script/run/run.sh
index b76c665f7..3386606a4 100755
--- a/script/run/run.sh
+++ b/script/run/run.sh
@@ -15,7 +15,7 @@
 
 set -e
 
-VERSION="1.27.0"
+VERSION="1.27.1"
 IMAGE="docker/compose:$VERSION"