diff --git a/build.yaml b/build.yaml
index d725ff38905..79bb8c94715 100644
--- a/build.yaml
+++ b/build.yaml
@@ -7,7 +7,7 @@ settings:
   '#3': Use "-preN" suffixes to identify pre-release versions
   '#4': Per-language overrides are possible with (eg) ruby_version tag here
   '#5': See the expand_version.py for all the quirks here
-  python_version: 1.0.2
+  python_version: 1.0.3
   version: 1.0.1
 filegroups:
 - name: census
diff --git a/src/python/grpcio/grpc_version.py b/src/python/grpcio/grpc_version.py
index 219045a721d..775ece397bb 100644
--- a/src/python/grpcio/grpc_version.py
+++ b/src/python/grpcio/grpc_version.py
@@ -29,4 +29,4 @@
 
 # AUTO-GENERATED FROM `$REPO_ROOT/templates/src/python/grpcio/grpc_version.py.template`!!!
 
-VERSION='1.0.2'
+VERSION='1.0.3'
diff --git a/src/python/grpcio_health_checking/grpc_version.py b/src/python/grpcio_health_checking/grpc_version.py
index 4cb8c3d82a5..17ef5873f14 100644
--- a/src/python/grpcio_health_checking/grpc_version.py
+++ b/src/python/grpcio_health_checking/grpc_version.py
@@ -29,4 +29,4 @@
 
 # AUTO-GENERATED FROM `$REPO_ROOT/templates/src/python/grpcio_health_checking/grpc_version.py.template`!!!
 
-VERSION='1.0.2'
+VERSION='1.0.3'
diff --git a/src/python/grpcio_tests/grpc_version.py b/src/python/grpcio_tests/grpc_version.py
index 66b0398c7ab..c6226160b89 100644
--- a/src/python/grpcio_tests/grpc_version.py
+++ b/src/python/grpcio_tests/grpc_version.py
@@ -29,4 +29,4 @@
 
 # AUTO-GENERATED FROM `$REPO_ROOT/templates/src/python/grpcio_tests/grpc_version.py.template`!!!
 
-VERSION='1.0.2'
+VERSION='1.0.3'
diff --git a/tools/distrib/python/grpcio_tools/grpc_version.py b/tools/distrib/python/grpcio_tools/grpc_version.py
index 6dd6fae0d71..a96d2ef8b26 100644
--- a/tools/distrib/python/grpcio_tools/grpc_version.py
+++ b/tools/distrib/python/grpcio_tools/grpc_version.py
@@ -29,4 +29,4 @@
 
 # AUTO-GENERATED FROM `$REPO_ROOT/templates/tools/distrib/python/grpcio_tools/grpc_version.py.template`!!!
 
-VERSION='1.0.2'
+VERSION='1.0.3'