diff --git a/README.md b/README.md
index 132afc799..225daec1f 100644
--- a/README.md
+++ b/README.md
@@ -148,7 +148,7 @@ Most useful flags:
 You can get a full list of Metrics Server configuration flags by running:
 
 ```shell
-docker run --rm registry.k8s.io/metrics-server/metrics-server:v0.7.0 --help
+docker run --rm registry.k8s.io/metrics-server/metrics-server:v0.7.1 --help
 ```
 
 ## Design
diff --git a/manifests/components/release/kustomization.yaml b/manifests/components/release/kustomization.yaml
index d5bb39aeb..96bb950de 100644
--- a/manifests/components/release/kustomization.yaml
+++ b/manifests/components/release/kustomization.yaml
@@ -3,4 +3,4 @@ kind: Component
 images:
 - name: gcr.io/k8s-staging-metrics-server/metrics-server
   newName: registry.k8s.io/metrics-server/metrics-server
-  newTag: v0.7.0
+  newTag: v0.7.1