diff --git a/project/Build.scala b/project/Build.scala
index a8b9c1f2d749..ef5cf3839210 100644
--- a/project/Build.scala
+++ b/project/Build.scala
@@ -80,7 +80,7 @@ object DottyJSPlugin extends AutoPlugin {
 object Build {
   import ScaladocConfigs._
 
-  val referenceVersion = "3.2.1-RC4"
+  val referenceVersion = "3.2.1"
 
   val baseVersion = "3.2.2-RC1"
 
@@ -98,7 +98,7 @@ object Build {
    *  set to 3.1.3. If it is going to be 3.1.0, it must be set to the latest
    *  3.0.x release.
    */
-  val previousDottyVersion = "3.2.0"
+  val previousDottyVersion = "3.2.1"
 
   object CompatMode {
     final val BinaryCompatible = 0