diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5512a8ae..bd514c35 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,34 @@
 # Changelog
 
+## 0.31.0
+
+**Release date:** 2023-12-08
+
+This prerelease comes with support for insecure HTTP registries using the
+new `.spec.insecure` field on `ImageRepository` objects. This field is
+optional and defaults to `false`.
+
+In addition, the Kubernetes dependencies have been updated to v1.28.4 in
+combination with an update of the controller's dependencies.
+
+Lastly, tiny improvements have been made to some of the error messages the
+controller emits.
+
+Improvements:
+- Address miscellaneous issues throughout code base
+  [#452](https://github.com/fluxcd/image-reflector-controller/pull/452)
+- Update dependencies to Kubernetes v1.28
+  [#471](https://github.com/fluxcd/image-reflector-controller/pull/471)
+- imagerepo: add `.spec.insecure` to `ImageRepository`
+  [#472](https://github.com/fluxcd/image-reflector-controller/pull/472)
+- Various dependency updates
+  [#453](https://github.com/fluxcd/image-reflector-controller/pull/453)
+  [#454](https://github.com/fluxcd/image-reflector-controller/pull/454)
+  [#455](https://github.com/fluxcd/image-reflector-controller/pull/455)
+  [#459](https://github.com/fluxcd/image-reflector-controller/pull/459)
+  [#460](https://github.com/fluxcd/image-reflector-controller/pull/460)
+  [#477](https://github.com/fluxcd/image-reflector-controller/pull/477)
+
 ## 0.30.0
 
 **Release date:** 2023-08-23
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 7236acdf..309a4638 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/image-reflector-controller
     newName: fluxcd/image-reflector-controller
-    newTag: v0.30.0
+    newTag: v0.31.0
diff --git a/go.mod b/go.mod
index 332f6c32..96003667 100644
--- a/go.mod
+++ b/go.mod
@@ -8,7 +8,7 @@ require (
 	github.com/AdaLogics/go-fuzz-headers v0.0.0-20230811130428-ced1acdcaa24
 	github.com/Masterminds/semver/v3 v3.2.1
 	github.com/dgraph-io/badger/v3 v3.2103.5
-	github.com/fluxcd/image-reflector-controller/api v0.30.0
+	github.com/fluxcd/image-reflector-controller/api v0.31.0
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.6.0
 	github.com/fluxcd/pkg/apis/meta v1.2.0