diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5fdff21609..16156529c6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -15,6 +15,17 @@ Increment the:
 
 ## [Unreleased]
 
+## [1.0.0-rc1] 2021-06-04
+
+* [BUILD] Enable Jaeger exporter build in Windows ([#815](https://github.com/open-telemetry/opentelemetry-cpp/pull/815))
+* [DOCS] Versioning doc update to clarify release and versioning policy ([#811](https://github.com/open-telemetry/opentelemetry-cpp/pull/811))
+* [LOGS] Move Logging implementation under feature-flag ([#807](https://github.com/open-telemetry/opentelemetry-cpp/pull/807))
+* [BUILD] Filter metric headers files from `opentelemetry-api` and `opentelemetry-sdk` targets if metrics feature-flag is disabled ([#806](https://github.com/open-telemetry/opentelemetry-cpp/pull/806))
+* [BUILD] Fix install rule for ostream exporter, Jaeger, ETW, ElasticSearch ([#805](Fix install rule for header files of ostream exporter))
+* [API/SDK] Switch from mpark::variant to absl::variant as default ([#771](https://github.com/open-telemetry/opentelemetry-cpp/pull/771))
+* [API/SDK] Support `const char *` as acceptable data type for attributes and resources ([#771](https://github.com/open-telemetry/opentelemetry-cpp/pull/771))
+* [EXAMPLE] gRPC instrumentation example with context propagation ([#729](https://github.com/open-telemetry/opentelemetry-cpp/pull/729))
+
 ## [0.7.0] 2021-05-26
 
 * [METRICS] Move metrics api/sdk under preview feature flag ([#745](https://github.com/open-telemetry/opentelemetry-cpp/pull/745))
diff --git a/api/docs/Doxyfile b/api/docs/Doxyfile
index 6b4993c0bb..ce0518ee59 100644
--- a/api/docs/Doxyfile
+++ b/api/docs/Doxyfile
@@ -44,7 +44,7 @@ PROJECT_NUMBER         =
 # for a project that appears at the top of each page and should give viewer a
 # quick idea about the purpose of the project. Keep the description short.
 
-PROJECT_BRIEF          = "Version 0.7.0"
+PROJECT_BRIEF          = "Version 1.0.0-rc1"
 
 # With the PROJECT_LOGO tag one can specify a logo or an icon that is included
 # in the documentation. The maximum height of the logo should not exceed 55
diff --git a/api/include/opentelemetry/version.h b/api/include/opentelemetry/version.h
index b191f3dc7c..0f1308fb0a 100644
--- a/api/include/opentelemetry/version.h
+++ b/api/include/opentelemetry/version.h
@@ -6,7 +6,7 @@
 #include "opentelemetry/detail/preprocessor.h"
 
 #define OPENTELEMETRY_ABI_VERSION_NO 0
-#define OPENTELEMETRY_VERSION "0.7.0"
+#define OPENTELEMETRY_VERSION "1.0.0-rc1"
 #define OPENTELEMETRY_ABI_VERSION OPENTELEMETRY_STRINGIFY(OPENTELEMETRY_ABI_VERSION_NO)
 
 // clang-format off
diff --git a/docs/public/conf.py b/docs/public/conf.py
index 9cd94d2349..ff8fe462b8 100644
--- a/docs/public/conf.py
+++ b/docs/public/conf.py
@@ -21,7 +21,7 @@
 author = 'OpenTelemetry authors'
 
 # The full version, including alpha/beta/rc tags
-release = '0.7.0'
+release = '1.0.0-rc1'
 
 # Run sphinx on subprojects and copy output
 # -----------------------------------------
diff --git a/sdk/include/opentelemetry/sdk/version/version.h b/sdk/include/opentelemetry/sdk/version/version.h
index 5d69af7bda..bfdc6d707f 100644
--- a/sdk/include/opentelemetry/sdk/version/version.h
+++ b/sdk/include/opentelemetry/sdk/version/version.h
@@ -6,7 +6,7 @@
 #include "opentelemetry/detail/preprocessor.h"
 
 #define OPENTELEMETRY_SDK_ABI_VERSION_NO 0
-#define OPENTELEMETRY_SDK_VERSION "0.1.0"
+#define OPENTELEMETRY_SDK_VERSION "1.0.0-rc1"
 #define OPENTELEMETRY_SDK_ABI_VERSION OPENTELEMETRY_STRINGIFY(OPENTELEMETRY_SDK_ABI_VERSION_NO)
 
 // clang-format off
diff --git a/sdk/src/version/version.cc b/sdk/src/version/version.cc
index 98827291aa..3b23de5d9c 100644
--- a/sdk/src/version/version.cc
+++ b/sdk/src/version/version.cc
@@ -8,10 +8,10 @@ namespace sdk
 {
 namespace version
 {
-const int MAJOR_VERSION     = 0;
-const int MINOR_VERSION     = 7;
+const int MAJOR_VERSION     = 1;
+const int MINOR_VERSION     = 0;
 const int PATCH_VERSION     = 0;
-const char *PRE_RELEASE     = "";
+const char *PRE_RELEASE     = "rc1";
 const char *BUILD_METADATA  = "";
 const int COUNT_NEW_COMMITS = 0;
 const char *BRANCH          = "";