diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9b4f21b508..fb78de0e5a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,8 +1,13 @@
 Changes by Version
 ==================
 
+0.22.0 (2021-03-11)
+-------------------
+* Bumped OpenTelemetry Collector to v0.22.0
+
 0.21.0 (2021-03-09)
 -------------------
+* Bumped OpenTelemetry Collector to v0.21.0
 * Restart collector pod when config is updated ([#215](https://github.com/open-telemetry/opentelemetry-operator/pull/215), [@bhiravabhatla](https://github.com/bhiravabhatla))
 * Add permissions for opentelemetry finalizer resource ([#212](https://github.com/open-telemetry/opentelemetry-operator/pull/212), [@rubenvp8510](https://github.com/rubenvp8510))
 * fix: collector selection should not fail if there is a single sidecar ([#210](https://github.com/open-telemetry/opentelemetry-operator/pull/210), [@vbehar](https://github.com/vbehar))
diff --git a/versions.txt b/versions.txt
index 8ed81c93f0..bee189be9e 100644
--- a/versions.txt
+++ b/versions.txt
@@ -2,7 +2,7 @@
 # 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=0.21.0
+opentelemetry-collector=0.22.0
 
 # Represents the next release of the OpenTelemetry Operator.
-operator=0.21.0
+operator=0.22.0