diff --git a/.github/ISSUE_TEMPLATE/bug_report.yaml b/.github/ISSUE_TEMPLATE/bug_report.yaml
index 54f4f7eae..a0af66c42 100644
--- a/.github/ISSUE_TEMPLATE/bug_report.yaml
+++ b/.github/ISSUE_TEMPLATE/bug_report.yaml
@@ -14,7 +14,7 @@ body:
     attributes:
       label: NetBox version
       description: What version of NetBox are you currently running?
-      placeholder: v3.4.7
+      placeholder: v3.4.8
     validations:
       required: true
   - type: dropdown
diff --git a/.github/ISSUE_TEMPLATE/feature_request.yaml b/.github/ISSUE_TEMPLATE/feature_request.yaml
index c9bc56ffc..a26ee7bc1 100644
--- a/.github/ISSUE_TEMPLATE/feature_request.yaml
+++ b/.github/ISSUE_TEMPLATE/feature_request.yaml
@@ -14,7 +14,7 @@ body:
     attributes:
       label: NetBox version
       description: What version of NetBox are you currently running?
-      placeholder: v3.4.7
+      placeholder: v3.4.8
     validations:
       required: true
   - type: dropdown
diff --git a/docs/release-notes/version-3.4.md b/docs/release-notes/version-3.4.md
index 596bd0180..a01b24cc4 100644
--- a/docs/release-notes/version-3.4.md
+++ b/docs/release-notes/version-3.4.md
@@ -1,6 +1,6 @@
 # NetBox v3.4
 
-## v3.4.8 (FUTURE)
+## v3.4.8 (2023-04-12)
 
 ### Enhancements
 
@@ -11,13 +11,16 @@
 * [#11453](https://github.com/netbox-community/netbox/issues/11453) - Display a warning banner when `DEBUG` is enabled
 * [#12007](https://github.com/netbox-community/netbox/issues/12007) - Enable filtering of VM Interfaces by assigned VLAN
 * [#12095](https://github.com/netbox-community/netbox/issues/12095) - Specify UTF-8 encoding for default export template MIME type
+* [#12207](https://github.com/netbox-community/netbox/issues/12207) - Introduce the `grant_token` permission for controlling the creation of API tokens on behalf of other users
 
 ### Bug Fixes
 
 * [#10221](https://github.com/netbox-community/netbox/issues/10221) - Validate generic foreign key relations assigned via REST API requests
+* [#11432](https://github.com/netbox-community/netbox/issues/11432) - Prevent existing components & component templates from being reassigned to different devices/device types via the REST API
 * [#11454](https://github.com/netbox-community/netbox/issues/11454) - Raise validation error if generic foreign key assignment does not specify both object type and ID
 * [#11746](https://github.com/netbox-community/netbox/issues/11746) - Fix cleanup of object data when deleting a custom field
 * [#12011](https://github.com/netbox-community/netbox/issues/12011) - Fix KeyError exception when attempting to add module bays in bulk
+* [#12040](https://github.com/netbox-community/netbox/issues/12040) - Display relevant UI tab upon bulk import validation failure
 * [#12074](https://github.com/netbox-community/netbox/issues/12074) - Fix the automatic assignment of racks to devices via the REST API
 * [#12084](https://github.com/netbox-community/netbox/issues/12084) - Fix exception when attempting to create a saved filter for applied filters
 * [#12087](https://github.com/netbox-community/netbox/issues/12087) - Fix bulk editing of many-to-many relationships
@@ -25,6 +28,7 @@
 * [#12118](https://github.com/netbox-community/netbox/issues/12118) - Fix instantiation of nested inventory item templates when creating a device
 * [#12184](https://github.com/netbox-community/netbox/issues/12184) - Fix filtered bulk deletion for various models
 * [#12190](https://github.com/netbox-community/netbox/issues/12190) - Fix form layout for plugin textarea fields
+* [#12227](https://github.com/netbox-community/netbox/issues/12227) - Fix tenant assignment on bulk import of L2VPNs
 
 ---
 
diff --git a/netbox/netbox/settings.py b/netbox/netbox/settings.py
index be2d95630..cfdbfd1e2 100644
--- a/netbox/netbox/settings.py
+++ b/netbox/netbox/settings.py
@@ -24,7 +24,7 @@ from netbox.constants import RQ_QUEUE_DEFAULT, RQ_QUEUE_HIGH, RQ_QUEUE_LOW
 # Environment setup
 #
 
-VERSION = '3.4.8-dev'
+VERSION = '3.4.8'
 
 # Hostname
 HOSTNAME = platform.node()
diff --git a/requirements.txt b/requirements.txt
index 5844f62b0..ce79ac1b8 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -1,7 +1,7 @@
 bleach==5.0.1
-Django==4.1.7
+Django==4.1.8
 django-cors-headers==3.14.0
-django-debug-toolbar==3.8.1
+django-debug-toolbar==4.0.0
 django-filter==23.1
 django-graphiql-debug-toolbar==0.2.0
 django-mptt==0.14
@@ -19,18 +19,18 @@ graphene-django==3.0.0
 gunicorn==20.1.0
 Jinja2==3.1.2
 Markdown==3.3.7
-mkdocs-material==9.1.4
-mkdocstrings[python-legacy]==0.20.0
+mkdocs-material==9.1.6
+mkdocstrings[python-legacy]==0.21.2
 netaddr==0.8.0
-Pillow==9.4.0
-psycopg2-binary==2.9.5
+Pillow==9.5.0
+psycopg2-binary==2.9.6
 PyYAML==6.0
-sentry-sdk==1.18.0
+sentry-sdk==1.19.1
 social-auth-app-django==5.0.0
-social-auth-core[openidconnect]==4.4.0
+social-auth-core[openidconnect]==4.4.1
 svgwrite==1.4.3
 tablib==3.4.0
-tzdata==2023.2
+tzdata==2023.3
 
 # Workaround for #7401
 jsonschema==3.2.0