diff --git a/Documentation/helm-values.rst b/Documentation/helm-values.rst
index a2ef9957d76ec..179456b1c7425 100644
--- a/Documentation/helm-values.rst
+++ b/Documentation/helm-values.rst
@@ -1171,7 +1171,7 @@
    * - :spelling:ignore:`envoy.image`
      - Envoy container image.
      - object
-     - ``{"digest":"sha256:d53a3d10f56d5d629dd2871a6600398d56c3f6040fda5ded8681ff6dbefb4213","override":null,"pullPolicy":"Always","repository":"quay.io/cilium/cilium-envoy","tag":"v1.28.2-b26890d42321dd1ee126ee7e38274f3a675c9a23","useDigest":true}``
+     - ``{"digest":"sha256:40a69964865ac7005488e5b4263894221c24cdb1b2e10da5193bd2e460ce6529","override":null,"pullPolicy":"Always","repository":"quay.io/cilium/cilium-envoy","tag":"v1.29.3-2c7164c53e26902bba2ab8ba25ae365460d48a58","useDigest":true}``
    * - :spelling:ignore:`envoy.livenessProbe.failureThreshold`
      - failure threshold of liveness probe
      - int
diff --git a/images/cilium/Dockerfile b/images/cilium/Dockerfile
index aa3ed74b50f32..e1adc730e1aa6 100644
--- a/images/cilium/Dockerfile
+++ b/images/cilium/Dockerfile
@@ -3,7 +3,7 @@
 
 ARG CILIUM_BUILDER_IMAGE=quay.io/cilium/cilium-builder:bcf26b2fb0be1bccdb0bacf0c29fcb5530eb5997@sha256:45e22e685599cfdfbf9d2f0fce9635b3fc599f97c23dc541351d637e9563127c
 ARG CILIUM_RUNTIME_IMAGE=quay.io/cilium/cilium-runtime:0615d2db1a5616db6ebe0d467da69bfc2b552427@sha256:60d433ea2d8cbe9712205323fe00cfd76a210ef0115216dbdd9f22603136e9a4
-ARG CILIUM_ENVOY_IMAGE=quay.io/cilium/cilium-envoy:v1.28.2-b26890d42321dd1ee126ee7e38274f3a675c9a23@sha256:d53a3d10f56d5d629dd2871a6600398d56c3f6040fda5ded8681ff6dbefb4213
+ARG CILIUM_ENVOY_IMAGE=quay.io/cilium/cilium-envoy:v1.29.3-2c7164c53e26902bba2ab8ba25ae365460d48a58@sha256:40a69964865ac7005488e5b4263894221c24cdb1b2e10da5193bd2e460ce6529
 
 # cilium-envoy from github.com/cilium/proxy
 #
diff --git a/install/kubernetes/Makefile.values b/install/kubernetes/Makefile.values
index bf57f86494c5d..dd0439dc354c0 100644
--- a/install/kubernetes/Makefile.values
+++ b/install/kubernetes/Makefile.values
@@ -45,8 +45,8 @@ export CILIUM_NODEINIT_VERSION:=62093c5c233ea914bfa26a10ba41f8780d9b737f
 export CILIUM_NODEINIT_DIGEST:=sha256:e1d442546e868db1a3289166c14011e0dbd32115b338b963e56f830972bc22a2
 
 export CILIUM_ENVOY_REPO:=quay.io/cilium/cilium-envoy
-export CILIUM_ENVOY_VERSION:=v1.28.2-b26890d42321dd1ee126ee7e38274f3a675c9a23
-export CILIUM_ENVOY_DIGEST:=sha256:d53a3d10f56d5d629dd2871a6600398d56c3f6040fda5ded8681ff6dbefb4213
+export CILIUM_ENVOY_VERSION:=v1.29.3-2c7164c53e26902bba2ab8ba25ae365460d48a58
+export CILIUM_ENVOY_DIGEST:=sha256:40a69964865ac7005488e5b4263894221c24cdb1b2e10da5193bd2e460ce6529
 
 export HUBBLE_UI_BACKEND_REPO:=quay.io/cilium/hubble-ui-backend
 export HUBBLE_UI_BACKEND_VERSION:=v0.13.0
diff --git a/install/kubernetes/cilium/README.md b/install/kubernetes/cilium/README.md
index c248d258eaa18..e1e1da07ca744 100644
--- a/install/kubernetes/cilium/README.md
+++ b/install/kubernetes/cilium/README.md
@@ -342,7 +342,7 @@ contributors across the globe, there is almost always someone available to help.
 | envoy.extraVolumes | list | `[]` | Additional envoy volumes. |
 | envoy.healthPort | int | `9878` | TCP port for the health API. |
 | envoy.idleTimeoutDurationSeconds | int | `60` | Set Envoy upstream HTTP idle connection timeout seconds. Does not apply to connections with pending requests. Default 60s |
-| envoy.image | object | `{"digest":"sha256:d53a3d10f56d5d629dd2871a6600398d56c3f6040fda5ded8681ff6dbefb4213","override":null,"pullPolicy":"Always","repository":"quay.io/cilium/cilium-envoy","tag":"v1.28.2-b26890d42321dd1ee126ee7e38274f3a675c9a23","useDigest":true}` | Envoy container image. |
+| envoy.image | object | `{"digest":"sha256:40a69964865ac7005488e5b4263894221c24cdb1b2e10da5193bd2e460ce6529","override":null,"pullPolicy":"Always","repository":"quay.io/cilium/cilium-envoy","tag":"v1.29.3-2c7164c53e26902bba2ab8ba25ae365460d48a58","useDigest":true}` | Envoy container image. |
 | envoy.livenessProbe.failureThreshold | int | `10` | failure threshold of liveness probe |
 | envoy.livenessProbe.periodSeconds | int | `30` | interval between checks of the liveness probe |
 | envoy.log.format | string | `"[%Y-%m-%d %T.%e][%t][%l][%n] [%g:%#] %v"` | The format string to use for laying out the log message metadata of Envoy. |
diff --git a/install/kubernetes/cilium/values.yaml b/install/kubernetes/cilium/values.yaml
index 6098887ba3468..7eff3e4bc0603 100644
--- a/install/kubernetes/cilium/values.yaml
+++ b/install/kubernetes/cilium/values.yaml
@@ -2036,9 +2036,9 @@ envoy:
     # @schema
     override: ~
     repository: "quay.io/cilium/cilium-envoy"
-    tag: "v1.28.2-b26890d42321dd1ee126ee7e38274f3a675c9a23"
+    tag: "v1.29.3-2c7164c53e26902bba2ab8ba25ae365460d48a58"
     pullPolicy: "Always"
-    digest: "sha256:d53a3d10f56d5d629dd2871a6600398d56c3f6040fda5ded8681ff6dbefb4213"
+    digest: "sha256:40a69964865ac7005488e5b4263894221c24cdb1b2e10da5193bd2e460ce6529"
     useDigest: true
   # -- Additional containers added to the cilium Envoy DaemonSet.
   extraContainers: []