diff --git a/charts/ingress-nginx/Chart.yaml b/charts/ingress-nginx/Chart.yaml
index 9786f705c..15f98842a 100644
--- a/charts/ingress-nginx/Chart.yaml
+++ b/charts/ingress-nginx/Chart.yaml
@@ -22,4 +22,4 @@ maintainers:
 name: ingress-nginx
 sources:
 - https://github.com/kubernetes/ingress-nginx
-version: 4.7.0
+version: 4.7.1
diff --git a/charts/ingress-nginx/README.md b/charts/ingress-nginx/README.md
index 363970f60..fa5f1e3a1 100644
--- a/charts/ingress-nginx/README.md
+++ b/charts/ingress-nginx/README.md
@@ -2,7 +2,7 @@
 
 [ingress-nginx](https://github.com/kubernetes/ingress-nginx) Ingress controller for Kubernetes using NGINX as a reverse proxy and load balancer
 
-![Version: 4.7.0](https://img.shields.io/badge/Version-4.7.0-informational?style=flat-square) ![AppVersion: 1.8.0](https://img.shields.io/badge/AppVersion-1.8.0-informational?style=flat-square)
+![Version: 4.7.1](https://img.shields.io/badge/Version-4.7.1-informational?style=flat-square) ![AppVersion: 1.8.0](https://img.shields.io/badge/AppVersion-1.8.0-informational?style=flat-square)
 
 To use, add `ingressClassName: nginx` spec field or the `kubernetes.io/ingress.class: nginx` annotation to your Ingress resources.
 
diff --git a/charts/ingress-nginx/changelog/Changelog-4.7.1.md b/charts/ingress-nginx/changelog/Changelog-4.7.1.md
new file mode 100644
index 000000000..49a27ad3e
--- /dev/null
+++ b/charts/ingress-nginx/changelog/Changelog-4.7.1.md
@@ -0,0 +1,13 @@
+# Changelog
+
+This file documents all notable changes to [ingress-nginx](https://github.com/kubernetes/ingress-nginx) Helm Chart. The release numbering uses [semantic versioning](http://semver.org).
+
+### 4.7.1
+
+* add distroless otel init (#10035)
+* add support for keda fallback settings (#9993)
+* Update Internal Load Balancer docs (#10062) 
+* fix broken kubernetes.io/user-guide/ docs links (#10055)
+* ensured hpa mem spec before cpu spec (#10043)
+
+**Full Changelog**: https://github.com/kubernetes/ingress-nginx/compare/helm-chart-4.7.0...helm-chart-4.7.1