diff --git a/CHANGELOG.md b/CHANGELOG.md
index 76b953035cb386381158f2b928d1618bd149472f..c4280b03636a40934f93bffdd74d1727fb9769d2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,27 @@
 # Release Notes
 
+## Version 1.7.1 - 2020-02-05
+
+* Create directory using os.MkDirAll, as mkdir -p does not work on windows [#6508](https://github.com/kubernetes/minikube/pull/6508)
+* Revert role change from cluster-admin->system:persistent-volume-provisioner [#6511](https://github.com/kubernetes/minikube/pull/6511)
+* gvisor fixes for v1.7.0 [#6512](https://github.com/kubernetes/minikube/pull/6512)
+* Remove pod list stability double check [#6509](https://github.com/kubernetes/minikube/pull/6509)
+* Use cluster-dns IP setup by kubeadm [#6472](https://github.com/kubernetes/minikube/pull/6472)
+* Skip driver autodetection if driver is already set [#6503](https://github.com/kubernetes/minikube/pull/6503)
+* Customizing host path for dynamically provisioned PersistentVolumes [#6156](https://github.com/kubernetes/minikube/pull/6156)
+* Update kubeadm api version from v1beta1 to v1beta2 [#6150](https://github.com/kubernetes/minikube/pull/6150)
+* Use profile name as cluster/node name [#6200](https://github.com/kubernetes/minikube/pull/6200)
+
+Thank you to our wonderful and amazing contributors who contributed to this bug-fix release:
+
+- Nanik T
+- Ruben
+- Sharif Elgamal
+- Thomas Strömberg
+- tstromberg
+- Vijay Katam
+- Zhongcheng Lao
+
 ## Version 1.7.0 - 2020-02-04
 
 * Add Azure Container Registry support [#6483](https://github.com/kubernetes/minikube/pull/6483)
diff --git a/Makefile b/Makefile
index 65d41a0adad30d10ca26596f4cf79bc1be44c580..fab65a73164f23fd5f15c8720b946d880e594e81 100755
--- a/Makefile
+++ b/Makefile
@@ -15,12 +15,12 @@
 # Bump these on release - and please check ISO_VERSION for correctness.
 VERSION_MAJOR ?= 1
 VERSION_MINOR ?= 7
-VERSION_BUILD ?= 0
+VERSION_BUILD ?= 1
 RAW_VERSION=$(VERSION_MAJOR).$(VERSION_MINOR).${VERSION_BUILD}
 VERSION ?= v$(RAW_VERSION)
 
 # Default to .0 for higher cache hit rates, as build increments typically don't require new ISO versions
-ISO_VERSION ?= v$(VERSION_MAJOR).$(VERSION_MINOR).$(VERSION_BUILD)
+ISO_VERSION ?= v$(VERSION_MAJOR).$(VERSION_MINOR).0
 # Dashes are valid in semver, but not Linux packaging. Use ~ to delimit alpha/beta
 DEB_VERSION ?= $(subst -,~,$(RAW_VERSION))
 RPM_VERSION ?= $(DEB_VERSION)