diff --git a/Makefile b/Makefile
index be0b55e4c..f9e18abfa 100644
--- a/Makefile
+++ b/Makefile
@@ -17,8 +17,8 @@ GIT_TREE_STATE=$(shell if [[ -z "`git status --porcelain`" ]]; then echo "clean"
 DOCKER_PUSH?=false
 DOCKER_BUILD_ARGS?=
 IMAGE_NAMESPACE?=quay.io/numaproj
-VERSION?=latest
-BASE_VERSION:=latest
+VERSION?=v1.1.0
+BASE_VERSION:=v1.1.0
 
 override LDFLAGS += \
   -X ${PACKAGE}.version=${VERSION} \
diff --git a/api/openapi-spec/swagger.json b/api/openapi-spec/swagger.json
index 7a5cfc2b6..2b321389e 100644
--- a/api/openapi-spec/swagger.json
+++ b/api/openapi-spec/swagger.json
@@ -2,7 +2,7 @@
   "swagger": "2.0",
   "info": {
     "title": "Numaflow",
-    "version": "latest"
+    "version": "v1.1.0"
   },
   "paths": {},
   "definitions": {
diff --git a/config/advanced-install/namespaced-controller-wo-crds.yaml b/config/advanced-install/namespaced-controller-wo-crds.yaml
index 20df8263e..404cea687 100644
--- a/config/advanced-install/namespaced-controller-wo-crds.yaml
+++ b/config/advanced-install/namespaced-controller-wo-crds.yaml
@@ -291,7 +291,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:latest
+          value: quay.io/numaproj/numaflow:v1.1.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -314,7 +314,7 @@ spec:
               key: controller.disable.leader.election
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
diff --git a/config/advanced-install/namespaced-controller/kustomization.yaml b/config/advanced-install/namespaced-controller/kustomization.yaml
index 1b1a45fa6..0d9d0ee0f 100644
--- a/config/advanced-install/namespaced-controller/kustomization.yaml
+++ b/config/advanced-install/namespaced-controller/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: latest
+    newTag: v1.1.0
 
 patchesStrategicMerge:
   # For release scripts
@@ -28,7 +28,7 @@ patchesStrategicMerge:
             - name: controller-manager
               env:
                 - name: NUMAFLOW_IMAGE
-                  value: quay.io/numaproj/numaflow:latest
+                  value: quay.io/numaproj/numaflow:v1.1.0
   - |
     apiVersion: v1
     kind: ConfigMap
diff --git a/config/advanced-install/namespaced-numaflow-server.yaml b/config/advanced-install/namespaced-numaflow-server.yaml
index 189524b08..8d35a0db9 100644
--- a/config/advanced-install/namespaced-numaflow-server.yaml
+++ b/config/advanced-install/namespaced-numaflow-server.yaml
@@ -247,7 +247,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -283,7 +283,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -291,7 +291,7 @@ spec:
           name: env-volume
       - args:
         - server-secrets-init
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
index 6ef9d6cef..8ef14f893 100644
--- a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
+++ b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: latest
+    newTag: v1.1.0
 
 patchesStrategicMerge:
   - |
diff --git a/config/advanced-install/numaflow-server.yaml b/config/advanced-install/numaflow-server.yaml
index 7f1224cbd..a485be012 100644
--- a/config/advanced-install/numaflow-server.yaml
+++ b/config/advanced-install/numaflow-server.yaml
@@ -258,7 +258,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -294,7 +294,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -302,7 +302,7 @@ spec:
           name: env-volume
       - args:
         - server-secrets-init
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/advanced-install/numaflow-server/kustomization.yaml b/config/advanced-install/numaflow-server/kustomization.yaml
index 129e9ef93..f4fe69707 100644
--- a/config/advanced-install/numaflow-server/kustomization.yaml
+++ b/config/advanced-install/numaflow-server/kustomization.yaml
@@ -14,5 +14,5 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: latest
+    newTag: v1.1.0
 
diff --git a/config/base/kustomization.yaml b/config/base/kustomization.yaml
index 25b140b60..9d6aa35ce 100644
--- a/config/base/kustomization.yaml
+++ b/config/base/kustomization.yaml
@@ -10,7 +10,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: latest
+    newTag: v1.1.0
 
 patchesStrategicMerge:
   - |-
@@ -25,4 +25,4 @@ patchesStrategicMerge:
             - name: controller-manager
               env:
                 - name: NUMAFLOW_IMAGE
-                  value: quay.io/numaproj/numaflow:latest
+                  value: quay.io/numaproj/numaflow:v1.1.0
diff --git a/config/extensions/webhook/kustomization.yaml b/config/extensions/webhook/kustomization.yaml
index d0baf4140..7e304f9ac 100644
--- a/config/extensions/webhook/kustomization.yaml
+++ b/config/extensions/webhook/kustomization.yaml
@@ -11,5 +11,5 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: latest
+    newTag: v1.1.0
 
diff --git a/config/install.yaml b/config/install.yaml
index a28304a8c..a1f992f42 100644
--- a/config/install.yaml
+++ b/config/install.yaml
@@ -16551,7 +16551,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:latest
+          value: quay.io/numaproj/numaflow:v1.1.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -16574,7 +16574,7 @@ spec:
               key: controller.disable.leader.election
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16734,7 +16734,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16770,7 +16770,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -16778,7 +16778,7 @@ spec:
           name: env-volume
       - args:
         - server-secrets-init
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/namespace-install.yaml b/config/namespace-install.yaml
index 649362e8b..6b8a7b6bc 100644
--- a/config/namespace-install.yaml
+++ b/config/namespace-install.yaml
@@ -16445,7 +16445,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:latest
+          value: quay.io/numaproj/numaflow:v1.1.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -16468,7 +16468,7 @@ spec:
               key: controller.disable.leader.election
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16626,7 +16626,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16662,7 +16662,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -16670,7 +16670,7 @@ spec:
           name: env-volume
       - args:
         - server-secrets-init
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/validating-webhook-install.yaml b/config/validating-webhook-install.yaml
index d01865788..e88191f09 100644
--- a/config/validating-webhook-install.yaml
+++ b/config/validating-webhook-install.yaml
@@ -135,7 +135,7 @@ spec:
           value: numaflow-webhook
         - name: CLUSTER_ROLE_NAME
           value: numaflow-webhook
-        image: quay.io/numaproj/numaflow:latest
+        image: quay.io/numaproj/numaflow:v1.1.0
         imagePullPolicy: Always
         name: webhook
       serviceAccountName: numaflow-webhook-sa