diff --git a/sdk/core/azure-core/CHANGELOG.md b/sdk/core/azure-core/CHANGELOG.md
index 2e8373f19..a2209d74e 100644
--- a/sdk/core/azure-core/CHANGELOG.md
+++ b/sdk/core/azure-core/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Release History
 
+## 1.3.0-beta.1 (Unreleased)
+
+### Features Added
+
+### Breaking Changes
+
+### Bugs Fixed
+
+### Other Changes
+
 ## 1.2.0 (2021-08-05)
 
 ### Features Added
diff --git a/sdk/core/azure-core/src/private/package_version.hpp b/sdk/core/azure-core/src/private/package_version.hpp
index 0b6f1f6e4..79d1d74c9 100644
--- a/sdk/core/azure-core/src/private/package_version.hpp
+++ b/sdk/core/azure-core/src/private/package_version.hpp
@@ -11,9 +11,9 @@
 #include <cstdint>
 
 #define AZURE_CORE_VERSION_MAJOR 1
-#define AZURE_CORE_VERSION_MINOR 2
+#define AZURE_CORE_VERSION_MINOR 3
 #define AZURE_CORE_VERSION_PATCH 0
-#define AZURE_CORE_VERSION_PRERELEASE ""
+#define AZURE_CORE_VERSION_PRERELEASE "beta.1"
 
 #define AZURE_CORE_VERSION_ITOA_HELPER(i) #i
 #define AZURE_CORE_VERSION_ITOA(i) AZURE_CORE_VERSION_ITOA_HELPER(i)