diff --git a/charts/istio-operator/CHANGELOG.md b/charts/istio-operator/CHANGELOG.md
index f3f98587..07926152 100644
--- a/charts/istio-operator/CHANGELOG.md
+++ b/charts/istio-operator/CHANGELOG.md
@@ -14,6 +14,15 @@
 
 ## [UNRELEASED]
 
+## [v2.16.1] - 2024-09-10
+
+> [!IMPORTANT]
+> _Istio_ `1.23` is the last version to support the _Istio Operator_ as it has been [deprecated](https://istio.io/latest/blog/2024/in-cluster-operator-deprecation-announcement/).
+
+### Changed
+
+- Updated the _Istio Operator_ OCI image version to [v1.23.1](https://github.com/istio/istio/releases/tag/1.23.1).
+
 ## [v2.16.0] - 2024-08-15
 
 > [!IMPORTANT]
@@ -548,6 +557,7 @@
 RELEASE LINKS
 -->
 [UNRELEASED]: https://github.com/stevehipwell/helm-charts/tree/main/charts/istio-operator
+[v2.16.1]: https://github.com/stevehipwell/helm-charts/releases/tag/istio-operator-2.16.1
 [v2.16.0]: https://github.com/stevehipwell/helm-charts/releases/tag/istio-operator-2.16.0
 [v2.15.3]: https://github.com/stevehipwell/helm-charts/releases/tag/istio-operator-2.15.3
 [v2.15.2]: https://github.com/stevehipwell/helm-charts/releases/tag/istio-operator-2.15.2
diff --git a/charts/istio-operator/Chart.yaml b/charts/istio-operator/Chart.yaml
index f6081c56..e6df18d8 100644
--- a/charts/istio-operator/Chart.yaml
+++ b/charts/istio-operator/Chart.yaml
@@ -2,8 +2,8 @@ apiVersion: v2
 name: istio-operator
 description: Helm chart to install the Istio Operator and optionally create the IstioOperator CR to install Istio into the cluster.
 type: application
-version: 2.16.0
-appVersion: 1.23.0
+version: 2.16.1
+appVersion: 1.23.1
 keywords:
   - kubernetes
   - istio
@@ -28,4 +28,4 @@ annotations:
       description: Represents an installation of Istio to be managed by the Istio Operator.
   artifacthub.io/changes: |
     - kind: changed
-      description: "Updated the _Istio Operator_ OCI image version to [v1.23.0](https://github.com/istio/istio/releases/tag/1.23.0)."
+      description: "Updated the _Istio Operator_ OCI image version to [v1.23.1](https://github.com/istio/istio/releases/tag/1.23.1)."
diff --git a/charts/istio-operator/README.md b/charts/istio-operator/README.md
index 83e6fd70..1bc59c7e 100644
--- a/charts/istio-operator/README.md
+++ b/charts/istio-operator/README.md
@@ -1,6 +1,6 @@
 # istio-operator
 
-![Version: 2.16.0](https://img.shields.io/badge/Version-2.16.0-informational?style=flat-square) ![Type: application](https://img.shields.io/badge/Type-application-informational?style=flat-square) ![AppVersion: 1.23.0](https://img.shields.io/badge/AppVersion-1.23.0-informational?style=flat-square)
+![Version: 2.16.1](https://img.shields.io/badge/Version-2.16.1-informational?style=flat-square) ![Type: application](https://img.shields.io/badge/Type-application-informational?style=flat-square) ![AppVersion: 1.23.1](https://img.shields.io/badge/AppVersion-1.23.1-informational?style=flat-square)
 
 The [Istio Operator](https://istio.io/latest/docs/setup/install/operator/) provides a declarative _Kubernetes_ native way to manage [Istio](https://istio.io/) via `IstioOperator` custom resources.
 
@@ -26,7 +26,7 @@ The [Istio Operator](https://istio.io/latest/docs/setup/install/operator/) provi
 To install the chart using the recommended OCI method you can use the following command.
 
 ```shell
-helm upgrade --install istio-operator oci://ghcr.io/stevehipwell/helm-charts/istio-operator --version 2.16.0
+helm upgrade --install istio-operator oci://ghcr.io/stevehipwell/helm-charts/istio-operator --version 2.16.1
 ```
 
 #### Verification
@@ -34,7 +34,7 @@ helm upgrade --install istio-operator oci://ghcr.io/stevehipwell/helm-charts/ist
 As the OCI chart release is signed by [Cosign](https://github.com/sigstore/cosign) you can verify the chart before installing it by running the following command.
 
 ```shell
-cosign verify --certificate-oidc-issuer https://token.actions.githubusercontent.com --certificate-identity-regexp 'https://github\.com/action-stars/helm-workflows/\.github/workflows/release\.yaml@.+' --certificate-github-workflow-repository stevehipwell/helm-charts --certificate-github-workflow-name Release ghcr.io/stevehipwell/helm-charts/istio-operator:2.16.0
+cosign verify --certificate-oidc-issuer https://token.actions.githubusercontent.com --certificate-identity-regexp 'https://github\.com/action-stars/helm-workflows/\.github/workflows/release\.yaml@.+' --certificate-github-workflow-repository stevehipwell/helm-charts --certificate-github-workflow-name Release ghcr.io/stevehipwell/helm-charts/istio-operator:2.16.1
 ```
 
 ### Non-OCI Repository
@@ -43,7 +43,7 @@ Alternatively you can use the legacy non-OCI method via the following commands.
 
 ```shell
 helm repo add stevehipwell https://stevehipwell.github.io/helm-charts/
-helm upgrade --install istio-operator stevehipwell/istio-operator --version 2.16.0
+helm upgrade --install istio-operator stevehipwell/istio-operator --version 2.16.1
 ```
 
 ## Values