diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 56940f15e..1a999b129 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.7.0b2
+current_version = 1.7.0rc1
 parse = (?P<major>[\d]+) # major version number
 	\.(?P<minor>[\d]+) # minor version number
 	\.(?P<patch>[\d]+) # patch version number
diff --git a/.changes/1.7.0-rc1.md b/.changes/1.7.0-rc1.md
new file mode 100644
index 000000000..384c7c320
--- /dev/null
+++ b/.changes/1.7.0-rc1.md
@@ -0,0 +1,21 @@
+## dbt-redshift 1.7.0-rc1 - October 12, 2023
+
+### Features
+
+- Support storing test failures as views ([#6914](https://github.com/dbt-labs/dbt-redshift/issues/6914))
+
+### Fixes
+
+- Use the PID to terminate the session ([#553](https://github.com/dbt-labs/dbt-redshift/issues/553))
+- avoid nested loop in query planner execution of redshift__get_relations ([#609](https://github.com/dbt-labs/dbt-redshift/issues/609))
+
+### Under the Hood
+
+- Add tests for inlined limit + sql_header in dbt show query ([#616](https://github.com/dbt-labs/dbt-redshift/issues/616))
+
+### Dependencies
+
+- Update ddtrace requirement from ~=1.18 to ~=1.19 ([#610](https://github.com/dbt-labs/dbt-redshift/pull/610))
+
+### Contributors
+- [@slin30](https://github.com/slin30) ([#609](https://github.com/dbt-labs/dbt-redshift/issues/609))
diff --git a/.changes/unreleased/Dependencies-20230918-190833.yaml b/.changes/1.7.0/Dependencies-20230918-190833.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230918-190833.yaml
rename to .changes/1.7.0/Dependencies-20230918-190833.yaml
diff --git a/.changes/unreleased/Features-20230921-153707.yaml b/.changes/1.7.0/Features-20230921-153707.yaml
similarity index 100%
rename from .changes/unreleased/Features-20230921-153707.yaml
rename to .changes/1.7.0/Features-20230921-153707.yaml
diff --git a/.changes/unreleased/Fixes-20230807-174409.yaml b/.changes/1.7.0/Fixes-20230807-174409.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20230807-174409.yaml
rename to .changes/1.7.0/Fixes-20230807-174409.yaml
diff --git a/.changes/unreleased/Fixes-20230923-091155.yaml b/.changes/1.7.0/Fixes-20230923-091155.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20230923-091155.yaml
rename to .changes/1.7.0/Fixes-20230923-091155.yaml
diff --git a/.changes/unreleased/Under the Hood-20230925-150132.yaml b/.changes/1.7.0/Under the Hood-20230925-150132.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20230925-150132.yaml
rename to .changes/1.7.0/Under the Hood-20230925-150132.yaml
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2bb546acc..147746017 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,29 @@
 - "Breaking changes" listed under a version may require action from end users or external maintainers when upgrading to that version.
 - Do not edit this file directly. This file is auto-generated using [changie](https://github.com/miniscruff/changie). For details on how to document a change, see [the contributing guide](https://github.com/dbt-labs/dbt-redshift/blob/main/CONTRIBUTING.md#adding-changelog-entry)
 
+## dbt-redshift 1.7.0-rc1 - October 12, 2023
+
+### Features
+
+- Support storing test failures as views ([#6914](https://github.com/dbt-labs/dbt-redshift/issues/6914))
+
+### Fixes
+
+- Use the PID to terminate the session ([#553](https://github.com/dbt-labs/dbt-redshift/issues/553))
+- avoid nested loop in query planner execution of redshift__get_relations ([#609](https://github.com/dbt-labs/dbt-redshift/issues/609))
+
+### Under the Hood
+
+- Add tests for inlined limit + sql_header in dbt show query ([#616](https://github.com/dbt-labs/dbt-redshift/issues/616))
+
+### Dependencies
+
+- Update ddtrace requirement from ~=1.18 to ~=1.19 ([#610](https://github.com/dbt-labs/dbt-redshift/pull/610))
+
+### Contributors
+- [@slin30](https://github.com/slin30) ([#609](https://github.com/dbt-labs/dbt-redshift/issues/609))
+
+
 ## dbt-redshift 1.7.0-b2 - September 15, 2023
 
 ### Features
@@ -30,8 +53,6 @@
 - Update pre-commit requirement from ~=3.3 to ~=3.4 ([#596](https://github.com/dbt-labs/dbt-redshift/pull/596))
 - Update black requirement from ~=23.7 to ~=23.9 ([#600](https://github.com/dbt-labs/dbt-redshift/pull/600))
 
-
-
 ## dbt-redshift 1.7.0-b1 - August 17, 2023
 
 ### Features
diff --git a/dbt/adapters/redshift/__version__.py b/dbt/adapters/redshift/__version__.py
index 3f5d3c0b7..748f8f4ea 100644
--- a/dbt/adapters/redshift/__version__.py
+++ b/dbt/adapters/redshift/__version__.py
@@ -1 +1 @@
-version = "1.7.0b2"
+version = "1.7.0rc1"