diff --git a/apps.yaml b/apps.yaml
index e809004553..8620fe86b9 100644
--- a/apps.yaml
+++ b/apps.yaml
@@ -107,7 +107,7 @@ appsInfo:
     integration: The SSO login page for App Platform is served by Keycloak. Keycloak is used as an identity broker or provider for all App Platform integrated applications. By default Keycloak is configured as an Identity Broker. Keycloak is part of the core of App Platform and is always enabled.
   knative:
     title: Knative Operator
-    appVersion: 1.23.0
+    appVersion: 1.23.1
     repo: https://github.com/knative/serving
     maintainers: Knative
     relatedLinks:
diff --git a/charts/dependencies.yaml b/charts/dependencies.yaml
index cd9d5ab2c4..bab3ab112b 100644
--- a/charts/dependencies.yaml
+++ b/charts/dependencies.yaml
@@ -60,7 +60,7 @@ dependencies:
     version: 7.2.3
     repository: https://codecentric.github.io/helm-charts
   - name: knative-operator
-    version: v1.23.0
+    version: v1.23.1
     repository: https://knative.github.io/operator
   - name: kserve-crd
     version: v0.19.0
diff --git a/charts/knative-operator/Chart.yaml b/charts/knative-operator/Chart.yaml
index 438bcd6036..7cd422b293 100644
--- a/charts/knative-operator/Chart.yaml
+++ b/charts/knative-operator/Chart.yaml
@@ -6,4 +6,4 @@ keywords:
 name: knative-operator
 sources:
 - https://github.com/knative/operator
-version: 1.23.0
+version: 1.23.1
diff --git a/charts/knative-operator/values.yaml b/charts/knative-operator/values.yaml
index cf921f1041..9779875f1f 100644
--- a/charts/knative-operator/values.yaml
+++ b/charts/knative-operator/values.yaml
@@ -31,7 +31,7 @@ knative_operator:
     remoteDeploymentsPollInterval: 10s
   knative_operator:
     image: gcr.io/knative-releases/knative.dev/operator/cmd/operator
-    tag: v1.23.0
+    tag: v1.23.1
     affinity: {}
     tolerations: []
     containerSecurityContext:
@@ -47,7 +47,7 @@ knative_operator:
         memory: 1000Mi
   operator_webhook:
     image: gcr.io/knative-releases/knative.dev/operator/cmd/webhook
-    tag: v1.23.0
+    tag: v1.23.1
     affinity:
       # To avoid node becoming SPOF, spread our replicas to different nodes.
       podAntiAffinity: