diff --git a/.ci/olm-tests/catalog.yml b/.ci/olm-tests/catalog.yml
index 7a3f951f..7cffc522 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:v0.15.0
+  image: kind-registry:5000/streamnativeio/function-mesh-catalog:v0.16.0-rc-2
diff --git a/.ci/olm-tests/subs.yml b/.ci/olm-tests/subs.yml
index f6914e0c..1f34e4f4 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.v0.15.0
+  startingCSV: function-mesh.v0.16.0-rc-2
   source: my-test-catalog
   sourceNamespace: olm
diff --git a/Makefile b/Makefile
index b1be43a5..c9cb8f1d 100644
--- a/Makefile
+++ b/Makefile
@@ -1,5 +1,5 @@
 # Current Operator version
-VERSION ?= 0.15.0
+VERSION ?= 0.16.0-rc-2
 # 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 da72fe29..8ef8a369 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/v0.15.0/install.sh | bash
+curl -sSL https://github.com/streamnative/function-mesh/releases/download/v0.16.0-rc-2/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 2ac4f98b..533d0576 100644
--- a/charts/function-mesh-operator/Chart.yaml
+++ b/charts/function-mesh-operator/Chart.yaml
@@ -19,12 +19,12 @@ 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: 0.2.21
+version: 0.2.22
 
 # 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: 0.15.0
+appVersion: 0.16.0-rc-2
 
 home: https://github.com/streamnative/function-mesh
 sources:
@@ -33,5 +33,5 @@ sources:
 dependencies:
   - name: admission-webhook
     condition: admissionWebhook.enabled
-    version: 0.2.21
+    version: 0.2.22
 #    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 5e17c48c..fe9c6a73 100644
--- a/charts/function-mesh-operator/charts/admission-webhook/Chart.yaml
+++ b/charts/function-mesh-operator/charts/admission-webhook/Chart.yaml
@@ -19,13 +19,13 @@ 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: 0.2.21
+version: 0.2.22
 
 # 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: 0.15.0
+appVersion: 0.16.0-rc-2
 
 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 479b89de..e2944593 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:v0.15.0
+operatorImage: streamnative/function-mesh:v0.16.0-rc-2
 imagePullPolicy: IfNotPresent
 imagePullSecrets: []
 
diff --git a/install.sh b/install.sh
index b1ff8c8c..4bb3ae85 100755
--- a/install.sh
+++ b/install.sh
@@ -56,7 +56,7 @@ EOF
 
 main() {
   local local_kube="kind"
-  local fm_version="v0.15.0"
+  local fm_version="v0.16.0-rc-2"
   local kind_name="kind"
   local kind_version="v0.7.0"
   local node_num=2