diff --git a/CHANGELOG.md b/CHANGELOG.md
index c8f9c0b42d..af276ef481 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,20 @@
 Changes by Version
 ==================
 
+0.51.0
+-------------------
+### 🚀 New components 🚀
+* Choose target container injection with annotation ([#689](https://github.com/open-telemetry/opentelemetry-operator/pull/689), [@fscellos](https://github.com/fscellos))
+* Fix K8s attributes values in OTEL_RESOURCE_ATTRIBUTES env var ([#864](https://github.com/open-telemetry/opentelemetry-operator/pull/864), [@mat-rumian](https://github.com/mat-rumian))
+### 💡 Enhancements 💡
+* Update Python auto-instrumentation versions.txt ([#867](https://github.com/open-telemetry/opentelemetry-operator/pull/867), [@mat-rumian](https://github.com/mat-rumian))
+* Update Python instrumentation to 0.30b1 ([#860](https://github.com/open-telemetry/opentelemetry-operator/pull/860), [@mat-rumian](https://github.com/mat-rumian))
+* Fix changelog formatting ([#863](https://github.com/open-telemetry/opentelemetry-operator/pull/863), [@pavolloffay](https://github.com/pavolloffay))
+### 🧰 Bug fixes 🧰
+#### OpenTelemetry Collector and Contrib
+* [OpenTelemetry Collector - v0.51.0](https://github.com/open-telemetry/opentelemetry-collector/releases/tag/v0.51.0)
+* [OpenTelemetry Contrib - v0.51.0](https://github.com/open-telemetry/opentelemetry-collector-contrib/releases/tag/v0.51.0)
+
 0.50.0
 -------------------
 ### 🚀 New components 🚀
diff --git a/README.md b/README.md
index 44bc61ffe1..43ec696595 100644
--- a/README.md
+++ b/README.md
@@ -296,6 +296,7 @@ The OpenTelemetry Operator *might* work on versions outside of the given range,
 
 | OpenTelemetry Operator | Kubernetes           | Cert-Manager         |
 |------------------------|----------------------|----------------------|
+| v0.51.0                | v1.19 to v1.23       | 1.6.1                |
 | v0.50.0                | v1.19 to v1.23       | 1.6.1                |
 | v0.49.0                | v1.19 to v1.23       | 1.6.1                |
 | v0.48.0                | v1.19 to v1.23       | 1.6.1                |
diff --git a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
index e1f5774455..d12a529bfb 100644
--- a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
@@ -37,7 +37,7 @@ metadata:
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v3
     repository: github.com/open-telemetry/opentelemetry-operator
     support: OpenTelemetry Community
-  name: opentelemetry-operator.v0.50.0
+  name: opentelemetry-operator.v0.51.0
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -297,7 +297,7 @@ spec:
               - args:
                 - --metrics-addr=127.0.0.1:8080
                 - --enable-leader-election
-                image: ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:0.50.0
+                image: ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:0.51.0
                 livenessProbe:
                   httpGet:
                     path: /healthz
@@ -389,7 +389,7 @@ spec:
   maturity: alpha
   provider:
     name: OpenTelemetry Community
-  version: 0.50.0
+  version: 0.51.0
   webhookdefinitions:
   - admissionReviewVersions:
     - v1
diff --git a/versions.txt b/versions.txt
index bfec5864af..655e1ea25e 100644
--- a/versions.txt
+++ b/versions.txt
@@ -2,10 +2,10 @@
 # by default with the OpenTelemetry Operator. This would usually be the latest
 # stable OpenTelemetry version. When you update this file, make sure to update the
 # the docs as well.
-opentelemetry-collector=0.50.0
+opentelemetry-collector=0.51.0
 
 # Represents the current release of the OpenTelemetry Operator.
-operator=0.50.0
+operator=0.51.0
 
 # Represents the current release of the Target Allocator.
 targetallocator=0.1.0