diff --git a/README.md b/README.md
index ab1f1e4..a233076 100644
--- a/README.md
+++ b/README.md
@@ -8,14 +8,15 @@ GitHub action to generate a CycloneDX SBOM for Go modules.
 
 ### `version`
 
-**Required** The version of cyclonedx-gomod to use.
+**Required** The version of cyclonedx-gomod to use. Can be a version range, in which case the latest version matching the range is chosen.
 
-Must either be an [existing semantic version](https://github.com/CycloneDX/cyclonedx-gomod/releases) (e.g. `v0.8.1`, `0.8.1`) or `latest`.
+Must either be an [existing semantic version](https://github.com/CycloneDX/cyclonedx-gomod/releases) (e.g. `v0.8.1`, `0.8.1`), [version range](https://github.com/npm/node-semver#ranges) or `latest`.
 
 > ⚠ Only versions `>= v0.8.1` are supported. Specifying versions below that will cause the workflow to fail.
 
 > Using `latest` is generally not recommended and will produce a warning, as it may fail your workflow 
 > unexpectedly due to breaking changes in newer *cyclonedx-gomod* versions.
+> As of v0.3.0, version ranges are supported. Instead of `latest`, consider using `^v0`, `^v0.8` or similar instead.
 
 ### `include-stdlib`
 
@@ -61,15 +62,15 @@ Type of the main component. Default `'application'`.
 
 ```yaml
 - name: Generate SBOM JSON
-  uses: CycloneDX/gh-gomod-generate-sbom@main
+  uses: CycloneDX/gh-gomod-generate-sbom@v0.3.0
   with:
     json: true
     output: bom.json
     resolve-licenses: true
-    version: v0.8.1
+    version: ^v0
 
 - name: Generate SBOM XML
-  uses: CycloneDX/gh-gomod-generate-sbom@main
+  uses: CycloneDX/gh-gomod-generate-sbom@v0.3.0
   with:
     output: bom.xml
     resolve-licenses: true
diff --git a/action.yml b/action.yml
index cacad3a..673e6f7 100644
--- a/action.yml
+++ b/action.yml
@@ -43,7 +43,7 @@ inputs:
     default: application
     required: false
   version:
-    description: The version of cyclonedx-gomod to use
+    description: The version of cyclonedx-gomod to use. Can be a version range, in which case the latest version matching the range is chosen
     required: true
 runs:
   using: 'node12'
diff --git a/index.js b/index.js
index 701a49e..24ffd20 100644
--- a/index.js
+++ b/index.js
@@ -41,6 +41,7 @@ const input = {
 };
 
 const baseDownloadUrl = 'https://github.com/CycloneDX/cyclonedx-gomod/releases/download';
+const minimumSupportedVersion = 'v0.8.1';
 
 function buildDownloadUrl(version) {
     let fileExtension = "tar.gz";
@@ -64,13 +65,27 @@ async function getLatestReleaseVersion(httpClient) {
     const responseJson = await httpClient.getJson('https://api.github.com/repos/CycloneDX/cyclonedx-gomod/releases/latest');
     if (responseJson === null) { // HTTP 404
         throw new Error('Fetching latest release of cyclonedx-gomod failed: not found');
+    } else if (responseJson.statusCode !== 200) {
+        throw new Error(`Unexpected response status: ${responseJson.statusCode}`);
     }
 
-    if (responseJson.statusCode !== 200) {
+    const version = responseJson.result.tag_name;
+    core.info(`Latest version is ${version}`);
+    return version;
+}
+
+async function getReleaseVersionMatchingRange(httpClient, range) {
+    core.info(`Determining latest release version of cyclonedx-gomod satisfying "${range}"`);
+    const responseJson = await httpClient.getJson('https://api.github.com/repos/CycloneDX/cyclonedx-gomod/releases');
+    if (responseJson === null) { // HTTP 404
+        throw new Error('Fetching latest release of cyclonedx-gomod failed: not found');
+    } else if (responseJson.statusCode !== 200) {
         throw new Error(`Unexpected response status: ${responseJson.statusCode}`);
     }
 
-    return responseJson.result.tag_name;
+    const matched = semver.maxSatisfying(responseJson.result.map((release) => release.tag_name), range);
+    core.info(`Latest release version matching "${range}" is: ${matched}`);
+    return matched;
 }
 
 async function install(version) {
@@ -100,11 +115,17 @@ async function run() {
 
         let versionToInstall = input.version;
         if (versionToInstall.toLowerCase() === 'latest') {
-            core.warning('Using version "latest" is not recommended!');
+            core.warning('Using version "latest" is not recommended, please use version ranges instead!');
             versionToInstall = await getLatestReleaseVersion(httpClient);
         } else {
-            if (semver.lt(versionToInstall, 'v0.8.1')) {
-                throw new Error('cyclonedx-gomod versions below v0.8.1 are not supported');
+            if (!semver.validRange(versionToInstall)) {
+                throw new Error('version must be a valid version range, see https://github.com/npm/node-semver#advanced-range-syntax')
+            }
+
+            versionToInstall = await getReleaseVersionMatchingRange(httpClient, versionToInstall);
+
+            if (semver.lt(versionToInstall, minimumSupportedVersion)) {
+                throw new Error(`cyclonedx-gomod versions below ${minimumSupportedVersion} are not supported`);
             }
         }