diff --git a/setup.py b/setup.py
index db0018b9..25eacd3a 100644
--- a/setup.py
+++ b/setup.py
@@ -113,7 +113,7 @@ http://api.mongodb.org/python/current/installation.html#osx
 
 kwargs = {}
 
-version = "3.2.dev2"
+version = "3.2b1"
 
 with open('README.rst') as f:
     kwargs['long_description'] = f.read()
diff --git a/tornado/__init__.py b/tornado/__init__.py
index 41ba7a68..bec636f3 100644
--- a/tornado/__init__.py
+++ b/tornado/__init__.py
@@ -25,5 +25,5 @@ from __future__ import absolute_import, division, print_function, with_statement
 # is zero for an official release, positive for a development branch,
 # or negative for a release candidate or beta (after the base version
 # number has been incremented)
-version = "3.2.dev2"
-version_info = (3, 2, 0, -99)
+version = "3.2b1"
+version_info = (3, 2, 0, -98)