diff --git a/Makefile b/Makefile
index 57e8ae28..6ed5c9ff 100644
--- a/Makefile
+++ b/Makefile
@@ -3,7 +3,7 @@
 # To re-generate a bundle for another specific version without changing the standard setup, you can:
 # - use the VERSION as arg of the bundle target (e.g make bundle VERSION=0.0.2)
 # - use environment variables to overwrite this value (e.g export VERSION=0.0.2)
-VERSION ?= 1.17.0
+VERSION ?= 1.31.1
 
 BUILD_TOOL ?= podman
 
diff --git a/config/base/params.env b/config/base/params.env
index 012ff304..1f286861 100644
--- a/config/base/params.env
+++ b/config/base/params.env
@@ -1,9 +1,9 @@
-trustyaiServiceImage=quay.io/trustyai/trustyai-service:latest
-trustyaiOperatorImage=quay.io/trustyai/trustyai-service-operator:latest
+trustyaiServiceImage=quay.io/trustyai/trustyai-service:v0.25.0
+trustyaiOperatorImage=quay.io/trustyai/trustyai-service-operator:v1.31.1
 oauthProxyImage=quay.io/openshift/origin-oauth-proxy:4.14.0
 kServeServerless=enabled
-lmes-driver-image=quay.io/trustyai/ta-lmes-driver:latest
-lmes-pod-image=quay.io/trustyai/ta-lmes-job:latest
+lmes-driver-image=quay.io/trustyai/ta-lmes-driver:v1.31.1
+lmes-pod-image=quay.io/trustyai/ta-lmes-job:v1.31.1
 lmes-pod-checking-interval=10s
 lmes-image-pull-policy=Always
 lmes-max-batch-size=24
diff --git a/config/component_metadata.yaml b/config/component_metadata.yaml
index e53985dc..ca964f83 100644
--- a/config/component_metadata.yaml
+++ b/config/component_metadata.yaml
@@ -1,13 +1,13 @@
 releases:
   - name: TrustyAI operator
-    version: latest
+    version: 1.31.1
     repoUrl: https://github.com/trustyai-explainability/trustyai-service-operator
   - name: TrustyAI service
-    version: latest
+    version: 0.25.0
     repoUrl: https://github.com/trustyai-explainability/trustyai-explainability
   - name: TrustyAI LMEval driver
-    version: latest
+    version: 1.31.1
     repoUrl: https://github.com/trustyai-explainability/trustyai-service-operator
   - name: TrustyAI LMEval job
-    version: latest
+    version: 1.31.1
     repoUrl: https://github.com/opendatahub-io/lm-evaluation-harness
diff --git a/config/overlays/odh/params.env b/config/overlays/odh/params.env
index 012ff304..1f286861 100644
--- a/config/overlays/odh/params.env
+++ b/config/overlays/odh/params.env
@@ -1,9 +1,9 @@
-trustyaiServiceImage=quay.io/trustyai/trustyai-service:latest
-trustyaiOperatorImage=quay.io/trustyai/trustyai-service-operator:latest
+trustyaiServiceImage=quay.io/trustyai/trustyai-service:v0.25.0
+trustyaiOperatorImage=quay.io/trustyai/trustyai-service-operator:v1.31.1
 oauthProxyImage=quay.io/openshift/origin-oauth-proxy:4.14.0
 kServeServerless=enabled
-lmes-driver-image=quay.io/trustyai/ta-lmes-driver:latest
-lmes-pod-image=quay.io/trustyai/ta-lmes-job:latest
+lmes-driver-image=quay.io/trustyai/ta-lmes-driver:v1.31.1
+lmes-pod-image=quay.io/trustyai/ta-lmes-job:v1.31.1
 lmes-pod-checking-interval=10s
 lmes-image-pull-policy=Always
 lmes-max-batch-size=24
diff --git a/controllers/constants/version.go b/controllers/constants/version.go
index b4646084..32592715 100644
--- a/controllers/constants/version.go
+++ b/controllers/constants/version.go
@@ -1,6 +1,6 @@
 package constants
 
 const (
-	Version   = "1.17.0"
+	Version   = "1.31.1"
 	ConfigMap = "trustyai-service-operator-config"
 )