diff --git a/src/Makefile b/src/Makefile
index 1f51e6aad..31276e14b 100644
--- a/src/Makefile
+++ b/src/Makefile
@@ -12,7 +12,7 @@ LIBDIR  = $(PREFIX)/lib
 DLLDIR  = $(BINDIR)
 
 # Library version number
-VER_MAJOR = 0
+VER_MAJOR = 1
 VER_MINOR = 0
 VER_RELEASE = 0
 
diff --git a/src/global.h b/src/global.h
index f8016f71d..ffc279b6b 100644
--- a/src/global.h
+++ b/src/global.h
@@ -141,7 +141,9 @@ typedef int16_t coeff_t;
 #define QUOTE(x) #x
 #define QUOTE_EXPAND(x) QUOTE(x)
 
-#define KVZ_VERSION 0.6.1
+// NOTE: When making a release, remember to also bump library version in
+// Makefile, if necessary.
+#define KVZ_VERSION 0.7.0
 #define VERSION_STRING QUOTE_EXPAND(KVZ_VERSION)
 
 //#define VERBOSE 1