diff --git a/chart/values.schema.json b/chart/values.schema.json
index 8b56376..4267cd6 100644
--- a/chart/values.schema.json
+++ b/chart/values.schema.json
@@ -107,7 +107,7 @@
                             "type": "string",
                             "title": "Backend vLLM version",
                             "description": "The vLLM version to use as a backend. Must be a version tag from [this list](https://github.com/vllm-project/vllm/tags)",
-                            "default": "v0.4.3"
+                            "default": "v0.5.4"
                         }
                     }
                 }
diff --git a/chart/values.yaml b/chart/values.yaml
index a26685d..6fd3841 100644
--- a/chart/values.yaml
+++ b/chart/values.yaml
@@ -35,7 +35,7 @@ api:
   # Container image config
   image:
     repository: vllm/vllm-openai
-    version: v0.4.3
+    version: v0.5.4
   monitoring:
     enabled: true
   # The number of replicas for the backend deployment