diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 372d7ed47193..dde6722d5e32 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,7 +1,7 @@
 {
   "google-ads-ad_manager": "3.0.0",
   "google-ads-ad_manager+FILLER": "0.0.0",
-  "google-ads-ad_manager-v1": "3.0.0",
+  "google-ads-ad_manager-v1": "3.1.0",
   "google-ads-ad_manager-v1+FILLER": "0.0.0",
   "google-ads-data_manager": "0.3.0",
   "google-ads-data_manager+FILLER": "0.0.0",
diff --git a/google-ads-ad_manager-v1/CHANGELOG.md b/google-ads-ad_manager-v1/CHANGELOG.md
index 0372628f6dfb..0a630bb23193 100644
--- a/google-ads-ad_manager-v1/CHANGELOG.md
+++ b/google-ads-ad_manager-v1/CHANGELOG.md
@@ -1,5 +1,11 @@
 # Changelog
 
+### 3.1.0 (2026-03-19)
+
+#### Features
+
+* Upgrade dependencies for Ruby v4.0 and drop Ruby v3.1 support
+
 ### 3.0.0 (2025-12-17)
 
 ### ⚠ BREAKING CHANGES
diff --git a/google-ads-ad_manager-v1/lib/google/ads/ad_manager/v1/version.rb b/google-ads-ad_manager-v1/lib/google/ads/ad_manager/v1/version.rb
index 6c5f5818de3f..79fb7d9c74a3 100644
--- a/google-ads-ad_manager-v1/lib/google/ads/ad_manager/v1/version.rb
+++ b/google-ads-ad_manager-v1/lib/google/ads/ad_manager/v1/version.rb
@@ -21,7 +21,7 @@ module Google
   module Ads
     module AdManager
       module V1
-        VERSION = "3.0.0"
+        VERSION = "3.1.0"
       end
     end
   end
diff --git a/google-ads-ad_manager-v1/snippets/snippet_metadata_google.ads.admanager.v1.json b/google-ads-ad_manager-v1/snippets/snippet_metadata_google.ads.admanager.v1.json
index 3d5c2f9aae04..0c56a32cb318 100644
--- a/google-ads-ad_manager-v1/snippets/snippet_metadata_google.ads.admanager.v1.json
+++ b/google-ads-ad_manager-v1/snippets/snippet_metadata_google.ads.admanager.v1.json
@@ -1,7 +1,7 @@
 {
   "client_library": {
     "name": "google-ads-ad_manager-v1",
-    "version": "3.0.0",
+    "version": "3.1.0",
     "language": "RUBY",
     "apis": [
       {