diff --git a/backend/src/hatchling/cli/version/__init__.py b/backend/src/hatchling/cli/version/__init__.py
index 20cae309e..4766ce2c2 100644
--- a/backend/src/hatchling/cli/version/__init__.py
+++ b/backend/src/hatchling/cli/version/__init__.py
@@ -23,7 +23,7 @@ def version_impl(
 
     if 'version' in metadata.config.get('project', {}):
         if desired_version:
-            app.abort('Cannot set version when it is statically defined by the `project.version` field')
+            app.abort('Use `hatch version ...` to update version when it is statically defined by the `project.version` field')
         else:
             app.display(metadata.core.version)
             return
diff --git a/src/hatch/cli/version/__init__.py b/src/hatch/cli/version/__init__.py
index b89bfc3ec..26e269da7 100644
--- a/src/hatch/cli/version/__init__.py
+++ b/src/hatch/cli/version/__init__.py
@@ -26,11 +26,21 @@ def version(app: Application, *, desired_version: str | None, force: bool):
             app.abort(f'Project {app.project.chosen_name} (not a project)')
 
     if 'version' in app.project.metadata.config.get('project', {}):
+        version = app.project.metadata.config['project']['version']
         if desired_version:
-            app.abort('Cannot set version when it is statically defined by the `project.version` field')
+            from hatchling.version.scheme.standard import StandardScheme
+
+            updated_version = StandardScheme(str(app.project.location), {}).update(
+                desired_version, version, {}
+            )
+            app.project.metadata.config['project']['version'] = updated_version
+            app.project.save_config(app.project.raw_config)
+
+            app.display_info(f'Old: {version}')
+            app.display_info(f'New: {updated_version}')
         else:
-            app.display(app.project.metadata.config['project']['version'])
-            return
+            app.display(version)
+        return
 
     from hatch.config.constants import VersionEnvVars
     from hatch.project.constants import BUILD_BACKEND
diff --git a/tests/cli/version/test_version.py b/tests/cli/version/test_version.py
index d4eb0c419..6c92cb2dc 100644
--- a/tests/cli/version/test_version.py
+++ b/tests/cli/version/test_version.py
@@ -361,9 +361,12 @@ def test_set_static(hatch, helpers, temp_dir):
     with path.as_cwd(env_vars={ConfigEnvVars.DATA: str(data_path)}):
         result = hatch('version', 'minor,rc')
 
-    assert result.exit_code == 1, result.output
+    assert result.exit_code == 0, result.output
     assert result.output == helpers.dedent(
         """
-        Cannot set version when it is statically defined by the `project.version` field
+        Old: 1.2.3
+        New: 1.3.0rc0
         """
     )
+    project = Project(path)
+    assert project.raw_config['project']['version'] == '1.3.0rc0', 'should update static version'