diff --git a/charts/stable/openobserve/Chart.yaml b/charts/stable/openobserve/Chart.yaml
index 9f34166aed0..415e9540cbf 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: 0.40.0
+appVersion: 0.40.1
 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: 1.16.0
+version: 1.16.1
 
diff --git a/charts/stable/openobserve/values.yaml b/charts/stable/openobserve/values.yaml
index 0aa6c6dc50f..d6da019f6c8 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: v0.40.0@sha256:b0ecac30c928bf00705aa7ae7ec2469a78a54da71b647996ff212f24ceea4ae9
+  tag: v0.40.1@sha256:8ad00a94b9859378f53b8314a2d090fdefffbd6ebff2d1c0e81a9fd392cc4184
   pullPolicy: IfNotPresent
 
 persistence: