diff --git a/CHANGELOG.md b/CHANGELOG.md
index 558376855..cff19d879 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,64 @@
 Change log
 ==========
 
+1.17.0 (2017-11-03)
+-------------------
+
+### New features
+
+#### Compose file version 3.4
+
+- Introduced version 3.4 of the `docker-compose.yml` specification.
+  This version requires to be used with Docker Engine 17.06.0 or above.
+
+- Added support for `cache_from`, `network` and `target` options in build
+  configurations
+
+- Added support for the `order` parameter in the `update_config` section
+
+- Added support for setting a custom name in volume definitions using
+  the `name` parameter
+
+#### Compose file version 2.3
+
+- Added support for `shm_size` option in build configuration
+
+#### Compose file version 2.x
+
+- Added support for extension fields (`x-*`). Also available for v3.4 files
+
+#### All formats
+
+- Added new `--no-start` to the `up` command, allowing users to create all
+  resources (networks, volumes, containers) without starting services.
+  The `create` command is deprecated in favor of this new option
+
+### Bugfixes
+
+- Fixed a bug where `extra_hosts` values would be overridden by extension
+  files instead of merging together
+
+- Fixed a bug where the validation for v3.2 files would prevent using the
+  `consistency` field in service volume definitions
+
+- Fixed a bug that would cause a crash when configuration fields expecting
+  unique items would contain duplicates
+
+- Fixed a bug where mount overrides with a different mode would create a
+  duplicate entry instead of overriding the original entry
+
+- Fixed a bug where build labels declared as a list wouldn't be properly
+  parsed
+
+- Fixed a bug where the output of `docker-compose config` would be invalid
+  for some versions if the file contained custom-named external volumes
+
+- Improved error handling when issuing a build command on Windows using an
+  unsupported file version
+
+- Fixed an issue where networks with identical names would sometimes be
+  created when running `up` commands concurrently.
+
 1.16.1 (2017-09-01)
 -------------------
 
@@ -8,7 +66,6 @@ Change log
 
 - Fixed bug that prevented using `extra_hosts` in several configuration files.
 
-
 1.16.0 (2017-08-31)
 -------------------
 
@@ -19,7 +76,7 @@ Change log
 - Introduced version 2.3 of the `docker-compose.yml` specification.
   This version requires to be used with Docker Engine 17.06.0 or above.
 
-- Added support for the `target` parameter in network configurations
+- Added support for the `target` parameter in build configurations
 
 - Added support for the `start_period` parameter in healthcheck
   configurations
diff --git a/compose/__init__.py b/compose/__init__.py
index 2e41ca896..86542ec44 100644
--- a/compose/__init__.py
+++ b/compose/__init__.py
@@ -1,4 +1,4 @@
 from __future__ import absolute_import
 from __future__ import unicode_literals
 
-__version__ = '1.16.1'
+__version__ = '1.17.0-rc1'
diff --git a/script/run/run.sh b/script/run/run.sh
index f1754d05a..498226288 100755
--- a/script/run/run.sh
+++ b/script/run/run.sh
@@ -15,7 +15,7 @@
 
 set -e
 
-VERSION="1.16.1"
+VERSION="1.17.0-rc1"
 IMAGE="docker/compose:$VERSION"