diff --git a/sdk/identity/azure-identity/CHANGELOG.md b/sdk/identity/azure-identity/CHANGELOG.md
index 189db5615..9dadb211c 100644
--- a/sdk/identity/azure-identity/CHANGELOG.md
+++ b/sdk/identity/azure-identity/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Release History
 
+## 1.2.0-beta.1 (Unreleased)
+
+### Features Added
+
+### Breaking Changes
+
+### Bugs Fixed
+
+### Other Changes
+
 ## 1.1.1 (2022-01-11)
 
 ### Bugs Fixed
diff --git a/sdk/identity/azure-identity/src/private/package_version.hpp b/sdk/identity/azure-identity/src/private/package_version.hpp
index a755568ca..481ab25db 100644
--- a/sdk/identity/azure-identity/src/private/package_version.hpp
+++ b/sdk/identity/azure-identity/src/private/package_version.hpp
@@ -11,9 +11,9 @@
 #include <cstdint>
 
 #define AZURE_IDENTITY_VERSION_MAJOR 1
-#define AZURE_IDENTITY_VERSION_MINOR 1
-#define AZURE_IDENTITY_VERSION_PATCH 1
-#define AZURE_IDENTITY_VERSION_PRERELEASE ""
+#define AZURE_IDENTITY_VERSION_MINOR 2
+#define AZURE_IDENTITY_VERSION_PATCH 0
+#define AZURE_IDENTITY_VERSION_PRERELEASE "beta.1"
 
 #define AZURE_IDENTITY_VERSION_ITOA_HELPER(i) #i
 #define AZURE_IDENTITY_VERSION_ITOA(i) AZURE_IDENTITY_VERSION_ITOA_HELPER(i)