diff --git a/.release-please-manifest-individual.json b/.release-please-manifest-individual.json
index 1776a5c7838d..cf061c3dc92d 100644
--- a/.release-please-manifest-individual.json
+++ b/.release-please-manifest-individual.json
@@ -9,6 +9,6 @@
   "profiler": "0.3.1",
   "pubsub": "1.33.0",
   "pubsublite": "1.8.1",
-  "spanner": "1.48.0",
+  "spanner": "1.49.0",
   "storage": "1.32.0"
 }
diff --git a/spanner/CHANGES.md b/spanner/CHANGES.md
index 5b768e66cbca..b8ac7681b102 100644
--- a/spanner/CHANGES.md
+++ b/spanner/CHANGES.md
@@ -1,5 +1,17 @@
 # Changes
 
+## [1.49.0](https://github.com/googleapis/google-cloud-go/compare/spanner/v1.48.0...spanner/v1.49.0) (2023-08-24)
+
+
+### Features
+
+* **spanner/spannertest:** Support INSERT DML ([#7820](https://github.com/googleapis/google-cloud-go/issues/7820)) ([3dda7b2](https://github.com/googleapis/google-cloud-go/commit/3dda7b27ec536637d8ebaa20937fc8019c930481))
+
+
+### Bug Fixes
+
+* **spanner:** Transaction was started in a different session ([#8467](https://github.com/googleapis/google-cloud-go/issues/8467)) ([6c21558](https://github.com/googleapis/google-cloud-go/commit/6c21558f75628908a70de79c62aff2851e756e7b))
+
 ## [1.48.0](https://github.com/googleapis/google-cloud-go/compare/spanner/v1.47.0...spanner/v1.48.0) (2023-08-18)
 
 
diff --git a/spanner/internal/version.go b/spanner/internal/version.go
index 3e13b71a98c0..8e10894500bc 100644
--- a/spanner/internal/version.go
+++ b/spanner/internal/version.go
@@ -15,4 +15,4 @@
 package internal
 
 // Version is the current tagged release of the library.
-const Version = "1.48.0"
+const Version = "1.49.0"