diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9897d11a1..24799fbbb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Change Log
 
+## 2.86.1 (2021-05-04)
+[Source](https://github.com/nerdvegas/rez/tree/2.86.1) | [Diff](https://github.com/nerdvegas/rez/compare/2.86.0...2.86.1)
+
+**Merged pull requests:**
+
+- Fix pkg cache test [\#1046](https://github.com/nerdvegas/rez/pull/1046) ([davidlatwe](https://github.com/davidlatwe))
+
 ## 2.86.0 (2021-05-04)
 [Source](https://github.com/nerdvegas/rez/tree/2.86.0) | [Diff](https://github.com/nerdvegas/rez/compare/2.85.0...2.86.0)
 
diff --git a/src/rez/utils/_version.py b/src/rez/utils/_version.py
index cb7b39618..19659aac6 100644
--- a/src/rez/utils/_version.py
+++ b/src/rez/utils/_version.py
@@ -1,7 +1,7 @@
 
 
 # Update this value to version up Rez. Do not place anything else in this file.
-_rez_version = "2.86.0"
+_rez_version = "2.86.1"
 
 
 # Copyright 2013-2016 Allan Johns.