diff --git a/VERSION b/VERSION
index b929c261..1e66a616 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-v0.3.1-dev
\ No newline at end of file
+v0.3.1
\ No newline at end of file
diff --git a/charts/cert-management/values.yaml b/charts/cert-management/values.yaml
index eb8e8f1a..b93e0263 100644
--- a/charts/cert-management/values.yaml
+++ b/charts/cert-management/values.yaml
@@ -5,7 +5,7 @@ replicaCount: 1
 
 image:
   repository: eu.gcr.io/gardener-project/cert-controller-manager
-  tag: v0.3.1-master
+  tag: v0.3.1
   pullPolicy: IfNotPresent
 
 resources: