diff --git a/CHANGELOG.md b/CHANGELOG.md
index 58d93d3958..98f84fe8b1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,29 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0),
 and this project uses `yyyy.rr[.pp]`, where `yyyy` is the year a patch is released,
 `rr` is a sequential release number (starting from `01`), and an optional two-digit
 sequential patch number (starting from `01`).
+## [2022.01] - 2022-03-25
+### Known Issues
+- The MPICH MPI implementation is unsupported when used alongside GCC 10 or 11 due to compilation issues with the mixed precision reals. MPICH can still be used to compile FMS with GCC 9 or earlier, or with other compilers.
+- GCC 11.1.0 is unsupported due to compilation issues with `select type`. The issue appears to be resolved in later GCC releases
+### Added
+- FMS2_IO: Added a macro `MAX_NUM_RESTART_VARS_` to allow the max amount of restart variables to be set at compile time
+- TESTING: Adds a configure option, `--enable-code-coverage`, to build a code coverage report using intel's codecov
+- AFFINITY: Adds an initialization check to `fms_affinity_set`, and updates test program with init/end routines
+- FMS2_IO: Adds an optional argument to ignore embedded checksum checks when reading restart files
+### Changed
+- TESTING: Changes the testing suite scripts for various improvements such improved output, tests with input files, and adding/fixing new tests
+- MPP: Change variable names in mpp to use more inclusive language
+- DOCS: Updates to correct branch name and doxygen guide for functions, and adds CI information page
+### Fixed
+- Fixes compilation warnings throughout the code, mainly for uninitialized or unused variables
+- Fixed any code not adhering to the projects style guide (mainly line length fixes) so that all future changes can be checked with a linter
+- MOSAIC2: Adds `r8_kind` casts to calls to C routines in order match precision of doubles
+- TESTS: Fixes crashes in fms2_io tests from namelist read errors
+### Tag Commit Hashes
+- 2022.01-alpha1 516a5efa681e5ae954c11c0c90677b4444e28ec4
+- 2022.01-beta1  12da12884f8dc8bde47b478c997b0e5d49260a1c
+- 2022.01-alpha2 28e8e3e751a6d5d81b640fb779304329f3edb82d
+- 2022.01-beta2  7b78a73a5ba7acf5d3d932ecfe081e5040e2c778
 ## [2021.04] - 2021-12-23
 ### Known Issues
 - GCC 11.1.0 is unsupported due to compilation issues with `select type`. The issue appears to be resolved in later GCC releases
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 524307c7dc..4ac538209f 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -23,7 +23,7 @@ cmake_minimum_required(VERSION 3.12 FATAL_ERROR)
 
 # Define the CMake project
 project(FMS
-  VERSION 2021.04.0
+  VERSION 2022.01.0
   DESCRIPTION  "GFDL FMS Library"
   HOMEPAGE_URL "https://www.gfdl.noaa.gov/fms"
   LANGUAGES C Fortran)
diff --git a/configure.ac b/configure.ac
index 3b69f37d6d..4cfc8ac705 100644
--- a/configure.ac
+++ b/configure.ac
@@ -25,7 +25,7 @@ AC_PREREQ([2.69])
 
 # Initialize with name, version, and support email address.
 AC_INIT([GFDL FMS Library],
-  [2022.01.0-dev],
+  [2022.01.0],
   [gfdl.climate.model.info@noaa.gov],
   [FMS],
   [https://www.gfdl.noaa.gov/fms])
diff --git a/libFMS/Makefile.am b/libFMS/Makefile.am
index f4340f1534..9f1e6160bd 100644
--- a/libFMS/Makefile.am
+++ b/libFMS/Makefile.am
@@ -28,7 +28,7 @@ lib_LTLIBRARIES = libFMS.la
 # These linker flags specify libtool version info.
 # See http://www.gnu.org/software/libtool/manual/libtool.html#Libtool-versioning
 # for information regarding incrementing `-version-info`.
-libFMS_la_LDFLAGS = -version-info 10:0:0
+libFMS_la_LDFLAGS = -version-info 11:0:0
 
 # Add the convenience libraries to the FMS library.
 libFMS_la_LIBADD = $(top_builddir)/platform/libplatform.la