diff --git a/README.md b/README.md
index 6e5cb555..5c69c8eb 100644
--- a/README.md
+++ b/README.md
@@ -74,16 +74,14 @@ Major features:
 
 ## What's New
 
-v0.6.0 was released on 2023-02-24.
+v0.7.0 was released on 2023-03-16.
 
 Highlights:
 
-- Support `Apex` with `ApexOptimWrapper`
-- Support analyzing model complexity
-- Add `Lion` optimizer
-- Support using environment variables in the config file
+- Support PyTorch 2.0! Accelerate training by compiling models. See the tutorial [Model Compilation](https://mmengine.readthedocs.io/en/latest/common_usage/speed_up_training.html#model-compilation) for details
+- Add `EarlyStoppingHook` to stop training when the metric does not improve
 
-Read [Changelog](./docs/en/notes/changelog.md#v060-02242023) for more details.
+Read [Changelog](./docs/en/notes/changelog.md#v070-03162023) for more details.
 
 ## Installation
 
diff --git a/README_zh-CN.md b/README_zh-CN.md
index 6226d748..f672ae25 100644
--- a/README_zh-CN.md
+++ b/README_zh-CN.md
@@ -60,16 +60,14 @@ 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 v0.6.0 在 2023.02.24 发布。
+最新版本 v0.7.0 在 2023.03.16 发布。
 
 亮点：
 
-- 新增 `ApexOptimWrapper` 支持 `Apex` 的混合精度训练功能
-- 支持计算模型复杂度
-- 新增 Lion 优化器
-- 支持在配置文件使用环境变量
+- 支持 PyTorch 2.0！通过编译模型实现训练加速，参考[编译模型文档](https://mmengine.readthedocs.io/en/latest/common_usage/speed_up_training.html#model-compilation)抢先体验
+- 新增 `EarlyStoppingHook`，当监控的指标不再提升时，自动停止训练
 
-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#v060-02242023)
+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#v070-03162023)
 
 ## 安装
 
diff --git a/docs/en/notes/changelog.md b/docs/en/notes/changelog.md
index b2a8ab32..44c00060 100644
--- a/docs/en/notes/changelog.md
+++ b/docs/en/notes/changelog.md
@@ -1,5 +1,48 @@
 # Changelog of v0.x
 
+## v0.7.0 (03/16/2023)
+
+### Highlights
+
+- Support PyTorch 2.0! Accelerate training by compiling models. See the tutorial [Model Compilation](https://mmengine.readthedocs.io/en/latest/common_usage/speed_up_training.html#model-compilation) for details
+- Add `EarlyStoppingHook` to stop training when the metric does not improve
+
+### New Features & Enhancements
+
+- Add configurations to support `torch.compile` in Runner by [@C1rN09](https://github.com/C1rN09) in https://github.com/open-mmlab/mmengine/pull/976
+- Support `EarlyStoppingHook` by [@nijkah](https://github.com/nijkah) in https://github.com/open-mmlab/mmengine/pull/739
+- Disable duplicated warning during distributed training by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/961
+- Add `FUNCTIONS` root Registry by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/983
+- Save the "memory" field to visualization backends by [@enkilee](https://github.com/enkilee) in https://github.com/open-mmlab/mmengine/pull/974
+- Enable bf16 in `AmpOptimWrapper` by [@C1rN09](https://github.com/C1rN09) in https://github.com/open-mmlab/mmengine/pull/960
+- Support writing data to `vis_backend` with prefix by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/972
+- Support exporting logs of different ranks in debug mode by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/968
+- Silence error when `ManagerMixin` built instance with duplicate name. by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/990
+
+### Bug fixes
+
+- Fix optim_wrapper unittest for `pytorch < 1.10.0` by [@C1rN09](https://github.com/C1rN09) in https://github.com/open-mmlab/mmengine/pull/975
+- Support calculating the flops of `matmul` with single dimension matrix by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/970
+- Fix repeated warning by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/992
+- Fix lint by [@zhouzaida](https://github.com/zhouzaida) in https://github.com/open-mmlab/mmengine/pull/993
+- Fix AMP in Ascend and support using NPUJITCompile environment by [@luomaoling](https://github.com/luomaoling) in https://github.com/open-mmlab/mmengine/pull/994
+- Fix inferencer gets wrong configs path by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/996
+
+### Docs
+
+- Translate "Debug Tricks" to English by [@enkilee](https://github.com/enkilee) in https://github.com/open-mmlab/mmengine/pull/953
+- Translate "Model Analysis" document to English by [@enkilee](https://github.com/enkilee) in https://github.com/open-mmlab/mmengine/pull/956
+- Translate "Model Complexity Analysis" to Chinese. by [@VoyagerXvoyagerx](https://github.com/VoyagerXvoyagerx) in https://github.com/open-mmlab/mmengine/pull/969
+- Add a document about setting interval by [@YuetianW](https://github.com/YuetianW) in https://github.com/open-mmlab/mmengine/pull/964
+- Translate "how to set random seed" by [@xin-li-67](https://github.com/xin-li-67) in https://github.com/open-mmlab/mmengine/pull/930
+- Fix typo by [@zhouzaida](https://github.com/zhouzaida) in https://github.com/open-mmlab/mmengine/pull/965
+- Fix typo in hook document by [@acdart](https://github.com/acdart) in https://github.com/open-mmlab/mmengine/pull/980
+- Fix changelog date by [@HAOCHENYE](https://github.com/HAOCHENYE) in https://github.com/open-mmlab/mmengine/pull/986
+
+### Contributors
+
+A total of 10 developers contributed to this release. Thanks [@xin-li-67](https://github.com/xin-li-67), [@acdart](https://github.com/acdart), [@enkilee](https://github.com/enkilee), [@YuetianW](https://github.com/YuetianW), [@luomaoling](https://github.com/luomaoling), [@nijkah](https://github.com/nijkah), [@VoyagerXvoyagerx](https://github.com/VoyagerXvoyagerx), [@zhouzaida](https://github.com/zhouzaida), [@HAOCHENYE](https://github.com/HAOCHENYE), [@C1rN09](https://github.com/C1rN09)
+
 ## v0.6.0 (02/24/2023)
 
 ### Highlights
diff --git a/mmengine/version.py b/mmengine/version.py
index bb11ba74..9edb3821 100644
--- a/mmengine/version.py
+++ b/mmengine/version.py
@@ -1,6 +1,6 @@
 # Copyright (c) OpenMMLab. All rights reserved.
 
-__version__ = '0.6.0'
+__version__ = '0.7.0'
 
 
 def parse_version_info(version_str):