diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9e2ef0de..7a1b61a4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,20 @@
+3.5.0 - 2023-10-13
+==================
+
+### Features
+- Improve performance of `check-hooks-apply` and `check-useless-excludes`.
+    - #2998 PR by @mxr.
+    - #2935 issue by @mxr.
+
+### Fixes
+- Use `time.monotonic()` for more accurate hook timing.
+    - #3024 PR by @adamchainz.
+
+### Migrating
+- Require npm 6.x+ for `language: node` hooks.
+    - #2996 PR by @RoelAdriaans.
+    - #1983 issue by @henryiii.
+
 3.4.0 - 2023-09-02
 ==================
 
diff --git a/setup.cfg b/setup.cfg
index cfaa61bb..7543835d 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,6 +1,6 @@
 [metadata]
 name = pre_commit
-version = 3.4.0
+version = 3.5.0
 description = A framework for managing and maintaining multi-language pre-commit hooks.
 long_description = file: README.md
 long_description_content_type = text/markdown