diff --git a/CHANGELOG.md b/CHANGELOG.md
index 84982ed72..2d6aa6f20 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,40 @@
 
 All notable changes to this project are documented in this file.
 
+## 1.18.0
+
+**Release date:** 2022-02-14
+
+This release comes with a new API field called `canaryReadyThreshold`
+that allows setting the percentage of pods that need to be available
+to consider the canary deployment as ready.
+
+Starting with version, the canary deployment labels, annotations and
+replicas fields are copied to the primary deployment at promotion time.
+
+#### Features
+
+- Add field `spec.analysis.canaryReadyThreshold` for configuring canary threshold
+  [#1102](https://github.com/fluxcd/flagger/pull/1102)
+
+#### Improvements
+
+- Update metadata during subsequent promote
+  [#1092](https://github.com/fluxcd/flagger/pull/1092)
+- Set primary deployment `replicas` when autoscaler isn't used
+  [#1106](https://github.com/fluxcd/flagger/pull/1106)
+- Update `matchLabels` for `TopologySpreadContstraints` in Deployments
+  [#1041](https://github.com/fluxcd/flagger/pull/1041)
+
+#### Fixes
+
+- Send warning and error alerts correctly
+  [#1105](https://github.com/fluxcd/flagger/pull/1105)
+- Fix for when Prometheus returns NaN
+  [#1095](https://github.com/fluxcd/flagger/pull/1095)
+- docs: Fix typo ExternalDNS
+  [#1103](https://github.com/fluxcd/flagger/pull/1103)
+
 ## 1.17.0
 
 **Release date:** 2022-01-11
diff --git a/artifacts/flagger/deployment.yaml b/artifacts/flagger/deployment.yaml
index 3947aa580..8a08a975b 100644
--- a/artifacts/flagger/deployment.yaml
+++ b/artifacts/flagger/deployment.yaml
@@ -22,7 +22,7 @@ spec:
       serviceAccountName: flagger
       containers:
       - name: flagger
-        image: ghcr.io/fluxcd/flagger:1.17.0
+        image: ghcr.io/fluxcd/flagger:1.18.0
         imagePullPolicy: IfNotPresent
         ports:
         - name: http
diff --git a/charts/flagger/Chart.yaml b/charts/flagger/Chart.yaml
index 3d19654dd..27ab7294e 100644
--- a/charts/flagger/Chart.yaml
+++ b/charts/flagger/Chart.yaml
@@ -1,7 +1,7 @@
 apiVersion: v1
 name: flagger
-version: 1.17.0
-appVersion: 1.17.0
+version: 1.18.0
+appVersion: 1.18.0
 kubeVersion: ">=1.16.0-0"
 engine: gotpl
 description: Flagger is a progressive delivery operator for Kubernetes
diff --git a/charts/flagger/values.yaml b/charts/flagger/values.yaml
index cc885636b..bc7f76985 100644
--- a/charts/flagger/values.yaml
+++ b/charts/flagger/values.yaml
@@ -2,7 +2,7 @@
 
 image:
   repository: ghcr.io/fluxcd/flagger
-  tag: 1.17.0
+  tag: 1.18.0
   pullPolicy: IfNotPresent
   pullSecret:
 
diff --git a/kustomize/base/flagger/kustomization.yaml b/kustomize/base/flagger/kustomization.yaml
index a3795988e..0c8e240ca 100644
--- a/kustomize/base/flagger/kustomization.yaml
+++ b/kustomize/base/flagger/kustomization.yaml
@@ -9,4 +9,4 @@ resources:
 images:
   - name: ghcr.io/fluxcd/flagger
     newName: ghcr.io/fluxcd/flagger
-    newTag: 1.17.0
+    newTag: 1.18.0
diff --git a/pkg/version/version.go b/pkg/version/version.go
index 386de7d68..bc175cce6 100644
--- a/pkg/version/version.go
+++ b/pkg/version/version.go
@@ -16,5 +16,5 @@ limitations under the License.
 
 package version
 
-var VERSION = "1.17.0"
+var VERSION = "1.18.0"
 var REVISION = "unknown"