diff --git a/sdk/identity/azure-identity/CHANGELOG.md b/sdk/identity/azure-identity/CHANGELOG.md
index fb57c1567..73547d262 100644
--- a/sdk/identity/azure-identity/CHANGELOG.md
+++ b/sdk/identity/azure-identity/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Release History
 
+## 1.5.0-beta.1 (Unreleased)
+
+### Features Added
+
+### Breaking Changes
+
+### Bugs Fixed
+
+### Other Changes
+
 ## 1.4.0 (2023-02-07)
 
 ### Features Added
diff --git a/sdk/identity/azure-identity/src/private/package_version.hpp b/sdk/identity/azure-identity/src/private/package_version.hpp
index 71d2ef1b3..d8608bc0b 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 4
+#define AZURE_IDENTITY_VERSION_MINOR 5
 #define AZURE_IDENTITY_VERSION_PATCH 0
-#define AZURE_IDENTITY_VERSION_PRERELEASE ""
+#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)