diff --git a/Cargo.lock b/Cargo.lock
index 91efb9bbe..02da32466 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -143,7 +143,7 @@ dependencies = [
 
 [[package]]
 name = "cloud-hypervisor"
-version = "28.0.0"
+version = "28.1.0"
 dependencies = [
  "anyhow",
  "api_client",
diff --git a/Cargo.toml b/Cargo.toml
index 91b038e10..ffd5efa64 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "cloud-hypervisor"
-version = "28.0.0"
+version = "28.1.0"
 authors = ["The Cloud Hypervisor Authors"]
 edition = "2021"
 default-run = "cloud-hypervisor"
diff --git a/release-notes.md b/release-notes.md
index 885fecef6..e0f68da7b 100644
--- a/release-notes.md
+++ b/release-notes.md
@@ -1,3 +1,4 @@
+- [v28.1](#v281)
 - [v28.0](#v280)
     - [Community Engagement (Reminder)](#community-engagement-reminder)
     - [Long Term Support (LTS) Release](#long-term-support-lts-release)
@@ -247,6 +248,16 @@
     - [Unit testing](#unit-testing)
     - [Integration tests parallelization](#integration-tests-parallelization)
 
+# v28.1
+This is a bug fix release. The following issues have been addressed:
+
+* Update dependencies including a version of `linux-loader` that
+addresses an infinite loop issue ([details](https://github.com/rust-vmm/linux-loader/security/advisories/GHSA-52h2-m2cf-9jh6))
+* Fix bugs related to `virtio-net` including an integer overflow issue
+  (#4924, #4949)
+* Use host `cpuid` information for L2 cache for older KVM on x86 (#4920)
+* Improve README and documentation
+
 # v28.0
 
 This release has been tracked in our new [roadmap
diff --git a/vm-migration/src/lib.rs b/vm-migration/src/lib.rs
index 73848348b..46e2ccb75 100644
--- a/vm-migration/src/lib.rs
+++ b/vm-migration/src/lib.rs
@@ -13,7 +13,7 @@ pub mod protocol;
 
 /// Global VMM version for versioning
 const MAJOR_VERSION: u16 = 28;
-const MINOR_VERSION: u16 = 0;
+const MINOR_VERSION: u16 = 1;
 const VMM_VERSION: u16 = MAJOR_VERSION << 12 | MINOR_VERSION & 0b1111;
 
 pub trait VersionMapped {