diff --git a/Makefile b/Makefile
index d444f2b4..8af340b3 100644
--- a/Makefile
+++ b/Makefile
@@ -16,7 +16,7 @@ BIN_DIR=_output/cmd/bin
 REPO_PATH="github.com/kubeflow/mpi-operator"
 GitSHA=$(shell git rev-parse HEAD)
 Date=$(shell date "+%Y-%m-%d %H:%M:%S")
-RELEASE_VERSION?=v0.8.0
+RELEASE_VERSION?=v0.8.1
 CONTROLLER_VERSION?=v2
 BASE_IMAGE_SSH_PORT?=2222
 IMG_BUILDER=docker
diff --git a/README.md b/README.md
index b685698e..4fc34742 100644
--- a/README.md
+++ b/README.md
@@ -18,7 +18,7 @@ kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-op
 - Release Version
 
 ```shell
-kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-operator/v0.8.0/deploy/v2beta1/mpi-operator.yaml
+kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-operator/v0.8.1/deploy/v2beta1/mpi-operator.yaml
 ```
 
 Alternatively, follow the [getting started guide](https://www.kubeflow.org/docs/started/getting-started/) to deploy Kubeflow.
diff --git a/RELEASE.md b/RELEASE.md
index 4a4c66a1..f215887a 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -1,5 +1,12 @@
 # MPI Operator Releases
 
+## Release v0.8.1
+* Bug fixes:
+  * Fix missing DeepCopy when mutating the launcher Job, which prevents accidental mutation of the shared informer cache. (#819, @GonzaloLuminary)
+  * Prevent terminating launcher pods from being recreated. (#810, @GonzaloLuminary)
+  * Fix the Running condition being re-emitted when the pod and Job informers are out-of-sync. (#787, @GonzaloSaez)
+  * Honor `stderrthreshold` when `logtostderr` is enabled by opting into the fixed klog behavior. (#794, @pierluigilenoci)
+
 ## Release v0.8.0
 * Features:
   * Support [Mutable Scheduling Directives for suspended Jobs](https://kubernetes.io/docs/concepts/workloads/controllers/job/#mutable-scheduling-directives-for-suspended-jobs)