diff --git a/python/ray/__init__.py b/python/ray/__init__.py
index 73fd70336..4434a6674 100644
--- a/python/ray/__init__.py
+++ b/python/ray/__init__.py
@@ -52,7 +52,7 @@ import ray.actor  # noqa: F401
 
 # Ray version string. TODO(rkn): This is also defined separately in setup.py.
 # Fix this.
-__version__ = "0.2.0"
+__version__ = "0.2.1"
 
 __all__ = ["register_class", "error_info", "init", "connect", "disconnect",
            "get", "put", "wait", "remote", "log_event", "log_span",
diff --git a/python/setup.py b/python/setup.py
index 49533a8ef..f0a7cc123 100644
--- a/python/setup.py
+++ b/python/setup.py
@@ -76,7 +76,7 @@ class BinaryDistribution(Distribution):
 
 
 setup(name="ray",
-      version="0.2.0",
+      version="0.2.1",
       packages=find_packages(),
       cmdclass={"build_ext": build_ext},
       # The BinaryDistribution argument triggers build_ext.