diff --git a/README.md b/README.md
index e79d5846..4062accc 100644
--- a/README.md
+++ b/README.md
@@ -80,14 +80,14 @@ Major features:
 
 ## What's New
 
-v0.7.3 was released on 2023-04-28.
+v0.7.4 was released on 2023-06-03.
 
 ### Highlights
 
-- Support using MLflow to record experiment data
-- Support registering callable objects to the registry
+- Support using [`ClearML`](https://mmengine.readthedocs.io/en/latest/common_usage/visualize_training_log.html#clearml) to record experiment data
+- Add [`Sophia`](https://mmengine.readthedocs.io/en/latest/common_usage/better_optimizers.html#sophia) optimizers
 
-Read [Changelog](./docs/en/notes/changelog.md#v073-04282023) for more details.
+Read [Changelog](./docs/en/notes/changelog.md#v074-06032023) for more details.
 
 ## Installation
 
diff --git a/README_zh-CN.md b/README_zh-CN.md
index 811c2103..7dd2445b 100644
--- a/README_zh-CN.md
+++ b/README_zh-CN.md
@@ -80,14 +80,14 @@ MMEngine 是一个基于 PyTorch 实现的，用于训练深度学习模型的
 
 ## 最近进展
 
-最新版本 v0.7.3 在 2023.04.28 发布。
+最新版本 v0.7.4 在 2023.06.03 发布。
 
 亮点：
 
-- 支持使用 MLflow 记录实验数据
-- 支持往注册器里注册任何 callable 对象
+- 支持使用 [ClearML](https://mmengine.readthedocs.io/zh_CN/latest/common_usage/visualize_training_log.html#clearml) 记录实验数据
+- 新增 [Sophia](https://mmengine.readthedocs.io/zh_CN/latest/common_usage/better_optimizers.html#sophia) 优化器
 
-如果想了解更多版本更新细节和历史信息，请阅读[更新日志](./docs/en/notes/changelog.md#v073-04282023)
+如果想了解更多版本更新细节和历史信息，请阅读[更新日志](./docs/en/notes/changelog.md#v074-06032023)
 
 ## 安装
 
diff --git a/docs/en/notes/changelog.md b/docs/en/notes/changelog.md
index 568fe86a..4152a2ac 100644
--- a/docs/en/notes/changelog.md
+++ b/docs/en/notes/changelog.md
@@ -1,5 +1,48 @@
 # Changelog of v0.x
 
+## v0.7.4 (06/03/2023)
+
+### Highlights
+
+- Support using `ClearML` to record experiment data
+- Add `Sophia` optimizers
+
+### New Features & Enhancements
+
+- Add visualize backend for clearml by [@gachiemchiep](https://github.com/gachiemchiep) in https://github.com/open-mmlab/mmengine/pull/1091
+- Support Sophia optimizers by [@zhouzaida](https://github.com/zhouzaida) in https://github.com/open-mmlab/mmengine/pull/1170
+- Refactor unittest syncbuffer by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/813
+- Allow `ann_file`, `data_root` is `None` for `BaseDataset` by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/850
+- Enable full precision training on Ascend NPU by [@Ginray](https://github.com/Ginray) in https://github.com/open-mmlab/mmengine/pull/1109
+- Creating a text classification example by [@TankNee](https://github.com/TankNee) in https://github.com/open-mmlab/mmengine/pull/1122
+- Add option to log selected config only by [@KickCellarDoor](https://github.com/KickCellarDoor) in https://github.com/open-mmlab/mmengine/pull/1159
+- Add an option to control whether to show progress bar in BaseInference by [@W-ZN](https://github.com/W-ZN) in https://github.com/open-mmlab/mmengine/pull/1135
+- Support dipu device by [@CokeDong](https://github.com/CokeDong) in https://github.com/open-mmlab/mmengine/pull/1127
+- Let unit tests not affect each other by [@zhouzaida](https://github.com/zhouzaida) in https://github.com/open-mmlab/mmengine/pull/1169
+- Add support for full wandb's `define_metric` arguments by [@i-aki-y](https://github.com/i-aki-y) in https://github.com/open-mmlab/mmengine/pull/1099
+
+### Bug fixes
+
+- Fix the incorrect device of inputs in get_model_complexity_info by [@CescMessi](https://github.com/CescMessi) in https://github.com/open-mmlab/mmengine/pull/1130
+- Correctly saves `_metadata` of `state_dict` when saving checkpoints by [@Bomsw](https://github.com/Bomsw) in https://github.com/open-mmlab/mmengine/pull/1131
+- Correctly record random seed in log by [@Shiyang980713](https://github.com/Shiyang980713) in https://github.com/open-mmlab/mmengine/pull/1152
+- Close MLflowVisBackend only if active by [@zimonitrome](https://github.com/zimonitrome) in https://github.com/open-mmlab/mmengine/pull/1151
+- Fix `ProfileHook` cannot profile ddp-training by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/1140
+- Handle the case for Multi-Instance GPUs when using `cuda_visible_devices` by [@adrianjoshua-strutt](https://github.com/adrianjoshua-strutt) in https://github.com/open-mmlab/mmengine/pull/1164
+- Fix attribute error when parsing `CUDA_VISIBLE_DEVICES` in logger [@Xiangxu-0103](https://github.com/Xiangxu-0103) in https://github.com/open-mmlab/mmengine/pull/1172
+
+### Docs
+
+- Translate `infer.md` by [@Hongru-Xiao](https://github.com/Hongru-Xiao) in https://github.com/open-mmlab/mmengine/pull/1121
+- Fix a missing comma in `tutorials/runner.md` by [@gy-7](https://github.com/gy-7) in https://github.com/open-mmlab/mmengine/pull/1146
+- Fix typo in comment by [@YQisme](https://github.com/YQisme) in https://github.com/open-mmlab/mmengine/pull/1154
+- Translate `data_element.md` by [@xin-li-67](https://github.com/xin-li-67) in https://github.com/open-mmlab/mmengine/pull/1067
+- Add the usage of clearml by [@zhouzaida](https://github.com/zhouzaida) in https://github.com/open-mmlab/mmengine/pull/1180
+
+### Contributors
+
+A total of 19 developers contributed to this release. Thanks [@Hongru-Xiao](https://github.com/Hongru-Xiao)  [@i-aki-y](https://github.com/i-aki-y)  [@Bomsw](https://github.com/Bomsw)  [@KickCellarDoor](https://github.com/KickCellarDoor)  [@zhouzaida](https://github.com/zhouzaida)  [@YQisme](https://github.com/YQisme)  [@gachiemchiep](https://github.com/gachiemchiep)  [@CescMessi](https://github.com/CescMessi)  [@W-ZN](https://github.com/W-ZN)  [@Ginray](https://github.com/Ginray)  [@adrianjoshua-strutt](https://github.com/adrianjoshua-strutt)  [@CokeDong](https://github.com/CokeDong)  [@xin-li-67](https://github.com/xin-li-67)  [@Xiangxu-0103](https://github.com/Xiangxu-0103)  [@HAOCHENYE](https://github.com/HAOCHENYE)  [@Shiyang980713](https://github.com/Shiyang980713)  [@TankNee](https://github.com/TankNee)  [@zimonitrome](https://github.com/zimonitrome)  [@gy-7](https://github.com/gy-7)
+
 ## v0.7.3 (04/28/2023)
 
 ### Highlights
diff --git a/mmengine/version.py b/mmengine/version.py
index 1a312683..065773af 100644
--- a/mmengine/version.py
+++ b/mmengine/version.py
@@ -1,6 +1,6 @@
 # Copyright (c) OpenMMLab. All rights reserved.
 
-__version__ = '0.7.3'
+__version__ = '0.7.4'
 
 
 def parse_version_info(version_str):