diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7c507920..81b20a87 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,29 @@
 # Changelog
 
+## 0.37.0
+
+**Release date:** 2023-12-11
+
+This prerelease comes with updates to the controller's YAML parser and fixes
+all the issues with YAML multi-line strings being flattened.
+
+In addition, the controller dependencies have been updated to Kubernetes 1.28
+and the container base image has been updated to Alpine 3.19.
+
+Improvements:
+- Remove dependence on `kustomize/setters2`
+  [#604](https://github.com/fluxcd/image-automation-controller/pull/604)
+- Update dependencies to Kubernetes v1.28
+  [#605](https://github.com/fluxcd/image-automation-controller/pull/605)
+- Update Git dependencies
+  [#607](https://github.com/fluxcd/image-automation-controller/pull/607)
+- build: update Alpine to 3.19
+  [#610](https://github.com/fluxcd/image-automation-controller/pull/610)
+- Update Kustomize to v5.3.0
+  [#611](https://github.com/fluxcd/image-automation-controller/pull/611)
+- Update dependencies
+  [#613](https://github.com/fluxcd/image-automation-controller/pull/613)
+
 ## 0.36.1
 
 **Release date:** 2023-09-18
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 6f2ab559..a00f0632 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
 - name: fluxcd/image-automation-controller
   newName: fluxcd/image-automation-controller
-  newTag: v0.36.1
+  newTag: v0.37.0
diff --git a/go.mod b/go.mod
index 74d662e4..fdcd8015 100644
--- a/go.mod
+++ b/go.mod
@@ -15,7 +15,7 @@ require (
 	github.com/Masterminds/sprig/v3 v3.2.3
 	github.com/ProtonMail/go-crypto v0.0.0-20231012073058-a7379d079e0e
 	github.com/cyphar/filepath-securejoin v0.2.4
-	github.com/fluxcd/image-automation-controller/api v0.36.1
+	github.com/fluxcd/image-automation-controller/api v0.37.0
 	github.com/fluxcd/image-reflector-controller/api v0.31.1
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.6.0