diff --git a/CHANGELOG.md b/CHANGELOG.md
index 250e86c87cd..52e7fcacac6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,9 +2,19 @@
 
 ## Unreleased
 
+### 🛑 Breaking changes 🛑
+
+### 🚩 Deprecations 🚩
+
+### 💡 Enhancements 💡
+
+### 🧰 Bug fixes 🧰
+
+## v0.56.0 Beta
+
 ### 💡 Enhancements 💡
 
-- Add `linux-ppc64le` architecture to cross build tests in CI
+- Add `linux-ppc64le` architecture to cross build tests in CI (#5645)
 - `client`: perform case insensitive lookups in case the requested metadata value isn't found (#5646)
 - `loggingexporter`: Decouple `loglevel` field from level of logged messages (#5678)
 - Expose `pcommon.NewSliceFromRaw` function (#5679)
@@ -44,9 +54,6 @@
 
 - Components stability levels are now logged. By default components which haven't defined their stability levels, or which are
   unmaintained, deprecated or in development will log a message. (#5580)
-
-### 💡 Enhancements 💡
-
 - `exporter/logging`: Skip "bad file descriptor" sync errors (#5585)
 
 ### 🧰 Bug fixes 🧰
diff --git a/cmd/builder/internal/builder/config.go b/cmd/builder/internal/builder/config.go
index 98e39b6bcc5..5250d9029c1 100644
--- a/cmd/builder/internal/builder/config.go
+++ b/cmd/builder/internal/builder/config.go
@@ -25,7 +25,7 @@ import (
 	"go.uber.org/zap"
 )
 
-const defaultOtelColVersion = "0.55.0"
+const defaultOtelColVersion = "0.56.0"
 
 // ErrInvalidGoMod indicates an invalid gomod
 var ErrInvalidGoMod = errors.New("invalid gomod specification for module")
diff --git a/cmd/otelcorecol/builder-config.yaml b/cmd/otelcorecol/builder-config.yaml
index 0afd84ffafb..1fda29b20f1 100644
--- a/cmd/otelcorecol/builder-config.yaml
+++ b/cmd/otelcorecol/builder-config.yaml
@@ -2,29 +2,29 @@ dist:
   module: go.opentelemetry.io/collector/cmd/otelcorecol
   name: otelcorecol
   description: Local OpenTelemetry Collector binary, testing only.
-  version: 0.55.0-dev
-  otelcol_version: 0.55.0
+  version: 0.56.0-dev
+  otelcol_version: 0.56.0
 
 receivers:
   - import: go.opentelemetry.io/collector/receiver/otlpreceiver
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
 exporters:
   - import: go.opentelemetry.io/collector/exporter/loggingexporter
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
   - import: go.opentelemetry.io/collector/exporter/otlpexporter
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
   - import: go.opentelemetry.io/collector/exporter/otlphttpexporter
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
 extensions:
   - import: go.opentelemetry.io/collector/extension/ballastextension
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
   - import: go.opentelemetry.io/collector/extension/zpagesextension
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
 processors:
   - import: go.opentelemetry.io/collector/processor/batchprocessor
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
   - import: go.opentelemetry.io/collector/processor/memorylimiterprocessor
-    gomod: go.opentelemetry.io/collector v0.55.0
+    gomod: go.opentelemetry.io/collector v0.56.0
 
 replaces:
   - go.opentelemetry.io/collector => ../../
diff --git a/cmd/otelcorecol/go.mod b/cmd/otelcorecol/go.mod
index 9feeb626688..92336e81608 100644
--- a/cmd/otelcorecol/go.mod
+++ b/cmd/otelcorecol/go.mod
@@ -6,7 +6,7 @@ go 1.17
 
 require (
 	github.com/stretchr/testify v1.8.0
-	go.opentelemetry.io/collector v0.55.0
+	go.opentelemetry.io/collector v0.56.0
 	golang.org/x/sys v0.0.0-20220520151302-bc2c85ada10a
 )
 
@@ -55,8 +55,8 @@ require (
 	github.com/tklauser/numcpus v0.4.0 // indirect
 	github.com/yusufpapurcu/wmi v1.2.2 // indirect
 	go.opencensus.io v0.23.0 // indirect
-	go.opentelemetry.io/collector/pdata v0.54.0 // indirect
-	go.opentelemetry.io/collector/semconv v0.54.0 // indirect
+	go.opentelemetry.io/collector/pdata v0.56.0 // indirect
+	go.opentelemetry.io/collector/semconv v0.56.0 // indirect
 	go.opentelemetry.io/contrib/instrumentation/google.golang.org/grpc/otelgrpc v0.33.0 // indirect
 	go.opentelemetry.io/contrib/instrumentation/net/http/otelhttp v0.33.0 // indirect
 	go.opentelemetry.io/contrib/zpages v0.33.0 // indirect
diff --git a/cmd/otelcorecol/main.go b/cmd/otelcorecol/main.go
index bc4a714d9a9..5d7e8b74f6b 100644
--- a/cmd/otelcorecol/main.go
+++ b/cmd/otelcorecol/main.go
@@ -19,7 +19,7 @@ func main() {
 	info := component.BuildInfo{
 		Command:     "otelcorecol",
 		Description: "Local OpenTelemetry Collector binary, testing only.",
-		Version:     "0.55.0-dev",
+		Version:     "0.56.0-dev",
 	}
 
 	if err := run(service.CollectorSettings{BuildInfo: info, Factories: factories}); err != nil {
diff --git a/examples/k8s/otel-config.yaml b/examples/k8s/otel-config.yaml
index 5fcbf8a3c8f..59141db5e74 100644
--- a/examples/k8s/otel-config.yaml
+++ b/examples/k8s/otel-config.yaml
@@ -66,7 +66,7 @@ spec:
       - command:
           - "/otelcol"
           - "--config=/conf/otel-agent-config.yaml"
-        image: otel/opentelemetry-collector:0.55.0
+        image: otel/opentelemetry-collector:0.56.0
         name: otel-agent
         resources:
           limits:
@@ -177,7 +177,7 @@ spec:
       - command:
           - "/otelcol"
           - "--config=/conf/otel-collector-config.yaml"
-        image: otel/opentelemetry-collector:0.55.0
+        image: otel/opentelemetry-collector:0.56.0
         name: otel-collector
         resources:
           limits:
diff --git a/go.mod b/go.mod
index 89b54081468..4fa6389b804 100644
--- a/go.mod
+++ b/go.mod
@@ -20,8 +20,8 @@ require (
 	github.com/spf13/cobra v1.5.0
 	github.com/stretchr/testify v1.8.0
 	go.opencensus.io v0.23.0
-	go.opentelemetry.io/collector/pdata v0.54.0
-	go.opentelemetry.io/collector/semconv v0.54.0
+	go.opentelemetry.io/collector/pdata v0.56.0
+	go.opentelemetry.io/collector/semconv v0.56.0
 	go.opentelemetry.io/contrib/instrumentation/google.golang.org/grpc/otelgrpc v0.33.0
 	go.opentelemetry.io/contrib/instrumentation/net/http/otelhttp v0.33.0
 	go.opentelemetry.io/contrib/zpages v0.33.0
diff --git a/versions.yaml b/versions.yaml
index 38aefcffc91..78e60097ebe 100644
--- a/versions.yaml
+++ b/versions.yaml
@@ -14,7 +14,7 @@
 
 module-sets:
   collector-core:
-    version: v0.55.0
+    version: v0.56.0
     modules:
       - go.opentelemetry.io/collector
       - go.opentelemetry.io/collector/cmd/builder