diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6d0c18bcf..b8d0d1720 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,4 +1,4 @@
-## master
+## 3.2.1 (2020-01-12)
 
 * `derivation_endpoint` – Use `Rack::Files` constant on Rack >= 2.1 (@janko)
 
diff --git a/doc/release_notes/3.2.1.md b/doc/release_notes/3.2.1.md
new file mode 100644
index 000000000..ae1db325f
--- /dev/null
+++ b/doc/release_notes/3.2.1.md
@@ -0,0 +1,32 @@
+---
+title: Shrine 3.2.1
+---
+
+## Ruby 2.7 compatibility
+
+* Shrine doesn't trigger [Ruby 2.7 warnings for separation of positional and
+  keyword arguments][kwargs] anymore.
+
+* Down 5.1.0 has been released, which resolves warnings and a `FrozenError`
+  exception on Ruby 2.7. Shrine now requires at least this version of Down.
+
+  If you're using `Down::Http`, make sure you're using http.rb 4.3.0 or newer.
+
+* ImageProcessing 1.10.3 gem has been released which resolves Ruby 2.7 warnings
+  as well. If you're using it for image processing, make sure to upgrade to
+  this version:
+
+  ```rb
+  gem "image_processing", ">= 1.10.3", "< 2"
+  ```
+
+## Rack 2.1.0 compatibility
+
+* The `derivation_endpoint` plugin now uses `Rack::Files` on Rack 2.1.0 or
+  newer.
+
+## Other improvements 
+
+* The `S3#open` method now handles empty S3 objects.
+
+[kwargs]: https://www.ruby-lang.org/en/news/2019/12/12/separation-of-positional-and-keyword-arguments-in-ruby-3-0/
diff --git a/lib/shrine/version.rb b/lib/shrine/version.rb
index 6e6eee9a5..e90f01f9e 100644
--- a/lib/shrine/version.rb
+++ b/lib/shrine/version.rb
@@ -8,7 +8,7 @@ def self.version
   module VERSION
     MAJOR = 3
     MINOR = 2
-    TINY  = 0
+    TINY  = 1
     PRE   = nil
 
     STRING = [MAJOR, MINOR, TINY, PRE].compact.join(".")
diff --git a/website/i18n/en.json b/website/i18n/en.json
index 3b0d356ff..ea29d6e95 100644
--- a/website/i18n/en.json
+++ b/website/i18n/en.json
@@ -323,6 +323,9 @@
       "release_notes/3.2.0": {
         "title": "Shrine 3.2.0"
       },
+      "release_notes/3.2.1": {
+        "title": "Shrine 3.2.1"
+      },
       "retrieving-uploads": {
         "title": "Retrieving Uploads"
       },
diff --git a/website/sidebars.json b/website/sidebars.json
index 0afe10019..b6c35e8c5 100755
--- a/website/sidebars.json
+++ b/website/sidebars.json
@@ -109,6 +109,7 @@
   },
   "release_notes": {
     "Shrine 3.x": [
+      "release_notes/3.2.1",
       "release_notes/3.2.0",
       "release_notes/3.1.0",
       "release_notes/3.0.1",