diff --git a/chart/Chart.yaml b/chart/Chart.yaml
index ee394ab339991..62f3538bcb2ac 100644
--- a/chart/Chart.yaml
+++ b/chart/Chart.yaml
@@ -20,7 +20,7 @@
 apiVersion: v2
 name: airflow
 version: 1.7.0-dev
-appVersion: 2.3.0
+appVersion: 2.3.1
 description: The official Helm chart to deploy Apache Airflow, a platform to
   programmatically author, schedule, and monitor workflows
 home: https://airflow.apache.org/
@@ -47,23 +47,23 @@ annotations:
       url: https://airflow.apache.org/docs/helm-chart/1.6.0/
   artifacthub.io/screenshots: |
     - title: DAGs View
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/dags.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/dags.png
     - title: Tree View
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/grid.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/grid.png
     - title: Graph View
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/graph.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/graph.png
     - title: Calendar View
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/calendar.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/calendar.png
     - title: Variable View
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/variable_hidden.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/variable_hidden.png
     - title: Gantt Chart
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/gantt.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/gantt.png
     - title: Task Duration
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/duration.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/duration.png
     - title: Code View
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/code.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/code.png
     - title: Task Instance Context Menu
-      url: https://airflow.apache.org/docs/apache-airflow/2.3.0/_images/context.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.3.1/_images/context.png
   artifacthub.io/changes: |
     - description: Support ``annotations`` on ``volumeClaimTemplates``
       kind: added
diff --git a/chart/values.schema.json b/chart/values.schema.json
index 0900616d0d7b3..7abd24c6afbb8 100644
--- a/chart/values.schema.json
+++ b/chart/values.schema.json
@@ -67,13 +67,13 @@
         "defaultAirflowTag": {
             "description": "Default airflow tag to deploy.",
             "type": "string",
-            "default": "2.3.0",
+            "default": "2.3.1",
             "x-docsSection": "Common"
         },
         "airflowVersion": {
             "description": "Airflow version (Used to make some decisions based on Airflow Version being deployed).",
             "type": "string",
-            "default": "2.3.0",
+            "default": "2.3.1",
             "x-docsSection": "Common"
         },
         "securityContext": {
diff --git a/chart/values.yaml b/chart/values.yaml
index 578a31fef5bd8..25767e0940181 100644
--- a/chart/values.yaml
+++ b/chart/values.yaml
@@ -46,10 +46,10 @@ airflowHome: /opt/airflow
 defaultAirflowRepository: apache/airflow
 
 # Default airflow tag to deploy
-defaultAirflowTag: "2.3.0"
+defaultAirflowTag: "2.3.1"
 
 # Airflow version (Used to make some decisions based on Airflow Version being deployed)
-airflowVersion: "2.3.0"
+airflowVersion: "2.3.1"
 
 # Images
 images: