diff --git a/CHANGES.md b/CHANGES.md
index f5ac026df..0c64d5bda 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,11 @@
+Synapse 1.37.1 (2021-06-30)
+===========================
+
+This release resolves issues (such as [#9490](https://github.com/matrix-org/synapse/issues/9490)) where one busy room could cause head-of-line blocking, starving Synapse from processing events in other rooms, and causing all federated traffic to fall behind. Synapse 1.37.1 processes inbound federation traffic asynchronously, ensuring that one busy room won't impact others. Please upgrade to Synapse 1.37.1 as soon as possible, in order to increase resilience to other traffic spikes.
+
+No significant changes since v1.37.1rc1.
+
+
 Synapse 1.37.1rc1 (2021-06-29)
 ==============================
 
diff --git a/debian/changelog b/debian/changelog
index cf190b7db..35a0cddea 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.37.1) stable; urgency=medium
+
+  * New synapse release 1.37.1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Wed, 30 Jun 2021 12:24:06 +0100
+
 matrix-synapse-py3 (1.37.0) stable; urgency=medium
 
   * New synapse release 1.37.0.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 2070724c3..1bd03462a 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.37.1rc1"
+__version__ = "1.37.1"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when