diff --git a/.ci/olm-tests/catalog.yml b/.ci/olm-tests/catalog.yml
index 4e5a443fc..955f7c480 100644
--- a/.ci/olm-tests/catalog.yml
+++ b/.ci/olm-tests/catalog.yml
@@ -5,4 +5,4 @@ metadata:
   namespace: olm
 spec:
   sourceType: grpc
-  image: kind-registry:5000/streamnativeio/function-mesh-catalog:v0.7.0
+  image: kind-registry:5000/streamnativeio/function-mesh-catalog:v0.8.0-rc-3
diff --git a/.ci/olm-tests/subs.yml b/.ci/olm-tests/subs.yml
index d58dd4dc1..b686de33b 100644
--- a/.ci/olm-tests/subs.yml
+++ b/.ci/olm-tests/subs.yml
@@ -6,6 +6,6 @@ metadata:
 spec:
   channel: alpha
   name: function-mesh
-  startingCSV: function-mesh.v0.7.0
+  startingCSV: function-mesh.v0.8.0-rc-3
   source: my-test-catalog
   sourceNamespace: olm
diff --git a/Makefile b/Makefile
index b103acb97..8251dbcdd 100644
--- a/Makefile
+++ b/Makefile
@@ -1,5 +1,5 @@
 # Current Operator version
-VERSION ?= 0.7.0
+VERSION ?= 0.8.0-rc-3
 # Default image tag
 DOCKER_REPO := $(if $(DOCKER_REPO),$(DOCKER_REPO),streamnative)
 OPERATOR_IMG ?= ${DOCKER_REPO}/function-mesh:v$(VERSION)
diff --git a/README.md b/README.md
index bf7244c6b..1aca1f2ad 100644
--- a/README.md
+++ b/README.md
@@ -4,7 +4,7 @@ A Kubernetes-Native way to run pulsar functions, connectors and composed functio
 ## Install
 
 ```bash
-curl -sSL https://github.com/streamnative/function-mesh/releases/download/v0.7.0/install.sh | bash
+curl -sSL https://github.com/streamnative/function-mesh/releases/download/v0.8.0-rc-3/install.sh | bash
 ```
 
 The above command installs all the CRDs, required service account configuration, and all function-mesh operator components. Before you start running a function-mesh example, verify if Function Mesh is installed correctly.
diff --git a/charts/function-mesh-operator/Chart.yaml b/charts/function-mesh-operator/Chart.yaml
index b58a932f4..e4fa14620 100644
--- a/charts/function-mesh-operator/Chart.yaml
+++ b/charts/function-mesh-operator/Chart.yaml
@@ -18,12 +18,12 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: 0.2.7
+version: 0.2.8
 
 # This is the version number of the application being deployed. This version number should be
 # incremented each time you make changes to the application. Versions are not expected to
 # follow Semantic Versioning. They should reflect the version the application is using.
-appVersion: 0.7.0
+appVersion: 0.8.0-rc-3
 
 home: https://github.com/streamnative/function-mesh
 sources:
@@ -32,5 +32,5 @@ sources:
 dependencies:
   - name: admission-webhook
     condition: admissionWebhook.enabled
-    version: 0.2.7
+    version: 0.2.8
 #    repository: https://charts.functionmesh.io/
diff --git a/charts/function-mesh-operator/charts/admission-webhook/Chart.yaml b/charts/function-mesh-operator/charts/admission-webhook/Chart.yaml
index 59060e9a4..07423ee21 100644
--- a/charts/function-mesh-operator/charts/admission-webhook/Chart.yaml
+++ b/charts/function-mesh-operator/charts/admission-webhook/Chart.yaml
@@ -18,13 +18,13 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: 0.2.7
+version: 0.2.8
 
 # This is the version number of the application being deployed. This version number should be
 # incremented each time you make changes to the application. Versions are not expected to
 # follow Semantic Versioning. They should reflect the version the application is using.
 # It is recommended to use it with quotes.
-appVersion: 0.7.0
+appVersion: 0.8.0-rc-3
 
 home: https://github.com/streamnative/function-mesh
 sources:
diff --git a/charts/function-mesh-operator/values.yaml b/charts/function-mesh-operator/values.yaml
index 3b0b7dd7c..950c3716d 100644
--- a/charts/function-mesh-operator/values.yaml
+++ b/charts/function-mesh-operator/values.yaml
@@ -11,7 +11,7 @@ installation:
   namespace: function-mesh-system
 
 # operatorImage is Function Mesh Operator image
-operatorImage: streamnative/function-mesh:v0.7.0
+operatorImage: streamnative/function-mesh:v0.8.0-rc-3
 imagePullPolicy: IfNotPresent
 imagePullSecrets: []
 
diff --git a/install.sh b/install.sh
index 1435c1854..2f15b3a63 100755
--- a/install.sh
+++ b/install.sh
@@ -56,7 +56,7 @@ EOF
 
 main() {
   local local_kube="kind"
-  local fm_version="v0.7.0"
+  local fm_version="v0.8.0-rc-3"
   local kind_name="kind"
   local kind_version="v0.7.0"
   local node_num=2