diff --git a/charts/stable/openobserve/Chart.yaml b/charts/stable/openobserve/Chart.yaml
index bf9813a4398..9f34166aed0 100644
--- a/charts/stable/openobserve/Chart.yaml
+++ b/charts/stable/openobserve/Chart.yaml
@@ -11,7 +11,7 @@ annotations:
   truecharts.org/min_kubernetes_version: 1.24.0
   truecharts.org/train: stable
 apiVersion: v2
-appVersion: 0.30.2
+appVersion: 0.40.0
 dependencies:
   - name: common
     version: 28.29.17
@@ -40,5 +40,5 @@ sources:
   - https://github.com/openobserve/openobserve
   - https://github.com/trueforge-org/truecharts/tree/master/charts/stable/openobserve
 type: application
-version: 1.15.6
+version: 1.16.0
 
diff --git a/charts/stable/openobserve/values.yaml b/charts/stable/openobserve/values.yaml
index cac7091cc51..0aa6c6dc50f 100644
--- a/charts/stable/openobserve/values.yaml
+++ b/charts/stable/openobserve/values.yaml
@@ -1,6 +1,6 @@
 image:
   repository: public.ecr.aws/zinclabs/openobserve
-  tag: v0.30.2@sha256:c151c453f17cce89931d4a96897a1716a90e33ddba08b60e9f2cc27573c3dd9e
+  tag: v0.40.0@sha256:b0ecac30c928bf00705aa7ae7ec2469a78a54da71b647996ff212f24ceea4ae9
   pullPolicy: IfNotPresent
 
 persistence: