diff --git a/.ci/bwcVersions b/.ci/bwcVersions
index 7607e03ef5161..a07d5d1eb3ad7 100644
--- a/.ci/bwcVersions
+++ b/.ci/bwcVersions
@@ -96,4 +96,4 @@ BWC_VERSION:
   - "7.15.0"
   - "7.15.1"
   - "7.15.2"
-  - "7.15.3"
+  - "7.16.0"
diff --git a/build-tools-internal/version.properties b/build-tools-internal/version.properties
index 13ca7e675579e..3cb429e289e4a 100644
--- a/build-tools-internal/version.properties
+++ b/build-tools-internal/version.properties
@@ -1,4 +1,4 @@
-elasticsearch     = 7.16.0
+elasticsearch     = 7.16.1
 lucene            = 8.10.1
 
 bundled_jdk_vendor = adoptium
diff --git a/server/src/main/java/org/elasticsearch/Version.java b/server/src/main/java/org/elasticsearch/Version.java
index e7853357287dd..6229abf65c60f 100644
--- a/server/src/main/java/org/elasticsearch/Version.java
+++ b/server/src/main/java/org/elasticsearch/Version.java
@@ -153,9 +153,9 @@ public class Version implements Comparable<Version>, ToXContentFragment {
     public static final Version V_7_15_0 = new Version(7150099, org.apache.lucene.util.Version.LUCENE_8_9_0);
     public static final Version V_7_15_1 = new Version(7150199, org.apache.lucene.util.Version.LUCENE_8_9_0);
     public static final Version V_7_15_2 = new Version(7150299, org.apache.lucene.util.Version.LUCENE_8_9_0);
-    public static final Version V_7_15_3 = new Version(7150399, org.apache.lucene.util.Version.LUCENE_8_9_0);
     public static final Version V_7_16_0 = new Version(7160099, org.apache.lucene.util.Version.LUCENE_8_10_1);
-    public static final Version CURRENT = V_7_16_0;
+    public static final Version V_7_16_1 = new Version(7160199, org.apache.lucene.util.Version.LUCENE_8_10_1);
+    public static final Version CURRENT = V_7_16_1;
 
     private static final ImmutableOpenIntMap<Version> idToVersion;
     private static final ImmutableOpenMap<String, Version> stringToVersion;