diff --git a/CHANGELOG.md b/CHANGELOG.md
index 41f4a9ff..fa430bc9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,22 @@
 # Changelog
 
+## 0.33.1
+
+**Release date:** 2023-05-12
+
+This prerelease comes with updates to the controller dependencies
+to patch CVE-2023-1732.
+
+In addition, the controller base image has been updated to Alpine 3.18.
+
+Improvements:
+- Update Alpine to 3.18
+  [#513](https://github.com/fluxcd/image-automation-controller/pull/513)
+- Update dependencies
+  [#516](https://github.com/fluxcd/image-automation-controller/pull/516)
+- build(deps): bump github.com/cloudflare/circl from 1.3.2 to 1.3.3
+  [#515](https://github.com/fluxcd/image-automation-controller/pull/515)
+
 ## 0.33.0
 
 **Release date:** 2023-05-09
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index c4c7a631..42efb937 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
 - name: fluxcd/image-automation-controller
   newName: fluxcd/image-automation-controller
-  newTag: v0.33.0
+  newTag: v0.33.1
diff --git a/go.mod b/go.mod
index 80e45e20..ada0a867 100644
--- a/go.mod
+++ b/go.mod
@@ -10,7 +10,7 @@ require (
 	github.com/ProtonMail/go-crypto v0.0.0-20230426101702-58e86b294756
 	github.com/cyphar/filepath-securejoin v0.2.3
 	github.com/fluxcd/go-git/v5 v5.0.0-20221219190809-2e5c9d01cfc4
-	github.com/fluxcd/image-automation-controller/api v0.33.0
+	github.com/fluxcd/image-automation-controller/api v0.33.1
 	github.com/fluxcd/image-reflector-controller/api v0.27.2
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.4.1