diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0f989e507a..6f124cc92c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,11 @@
 Changes by Version
 ==================
 
+0.18.0 (2021-01-22)
+-------------------
+* Bumped OpenTelemetry Collector to v0.18.0 ([#169](https://github.com/open-telemetry/opentelemetry-operator/pull/169), [@jpkrohling](https://github.com/jpkrohling))
+
+
 0.17.1 (2020-12-17)
 -------------------
 * Set env vars correctly in workflow steps ([#152](https://github.com/open-telemetry/opentelemetry-operator/pull/152), [@jpkrohling](https://github.com/jpkrohling))
diff --git a/versions.txt b/versions.txt
index d6853c9317..09c1aa826a 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=0.17.0
+opentelemetry-collector=0.18.0
 
 # Represents the next release of the OpenTelemetry Operator.
-operator=0.17.1
+operator=0.18.0