diff --git a/CHANGELOG.md b/CHANGELOG.md
index 428f304b..1e490c5c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,7 +1,9 @@
-# Release 4.7.1 (???)
+# Release 4.7.1 (July 2, 2023)
 
-- Fix `TypedDict`, `NamedTuple` and `is_protocol` tests on PyPy-3.7 and
-  PyPy-3.8. Patch by Alex Waygood.
+- Fix support for `TypedDict`, `NamedTuple` and `is_protocol` on PyPy-3.7 and
+  PyPy-3.8. Patch by Alex Waygood. Note that PyPy-3.7 and PyPy-3.8 are unsupported
+  by the PyPy project. The next feature release of typing-extensions will
+  drop support for PyPy-3.7 and may also drop support for PyPy-3.8.
 
 # Release 4.7.0 (June 28, 2023)
 
diff --git a/pyproject.toml b/pyproject.toml
index 55b84997..736e1e42 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -6,7 +6,7 @@ build-backend = "flit_core.buildapi"
 # Project metadata
 [project]
 name = "typing_extensions"
-version = "4.7.0"
+version = "4.7.1"
 description = "Backported and Experimental Type Hints for Python 3.7+"
 readme = "README.md"
 requires-python = ">=3.7"