diff --git a/CHANGELOG.md b/CHANGELOG.md
index aa7eca2d32..83e749d491 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,7 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/).
 
 ### Changed
 
+- Upgrade splunk-otel-collector image to 0.31.0 (#183)
 - Set more frequent checks for memory_limiter (#178)
 
 ### Fixed
diff --git a/helm-charts/splunk-otel-collector/values.yaml b/helm-charts/splunk-otel-collector/values.yaml
index 526390c23a..19da4e3027 100644
--- a/helm-charts/splunk-otel-collector/values.yaml
+++ b/helm-charts/splunk-otel-collector/values.yaml
@@ -528,7 +528,7 @@ image:
     # The registry and name of the opentelemetry collector image to pull
     repository: quay.io/signalfx/splunk-otel-collector
     # The tag of the opentelemetry collector image to pull
-    tag: 0.29.0
+    tag: 0.31.0
     # The policy that specifies when the user wants the opentelemetry collector images to be pulled
     pullPolicy: IfNotPresent
 
diff --git a/rendered/manifests/agent-only/daemonset.yaml b/rendered/manifests/agent-only/daemonset.yaml
index fbb9f1a144..1baa4e448b 100644
--- a/rendered/manifests/agent-only/daemonset.yaml
+++ b/rendered/manifests/agent-only/daemonset.yaml
@@ -138,7 +138,7 @@ spec:
           containerPort: 9411
           hostPort: 9411
           protocol: TCP
-        image: quay.io/signalfx/splunk-otel-collector:0.29.0
+        image: quay.io/signalfx/splunk-otel-collector:0.31.0
         imagePullPolicy: IfNotPresent
         env:
           - name: K8S_NODE_NAME
diff --git a/rendered/manifests/agent-only/deployment-k8s-cluster-receiver.yaml b/rendered/manifests/agent-only/deployment-k8s-cluster-receiver.yaml
index ef43a0656a..cac78ef24a 100644
--- a/rendered/manifests/agent-only/deployment-k8s-cluster-receiver.yaml
+++ b/rendered/manifests/agent-only/deployment-k8s-cluster-receiver.yaml
@@ -33,7 +33,7 @@ spec:
         - /otelcol
         - --config=/conf/relay.yaml
         - --metrics-addr=0.0.0.0:8889
-        image: quay.io/signalfx/splunk-otel-collector:0.29.0
+        image: quay.io/signalfx/splunk-otel-collector:0.31.0
         imagePullPolicy: IfNotPresent
         env:
           - name: SPLUNK_MEMORY_TOTAL_MIB
diff --git a/rendered/manifests/gateway-only/deployment-collector.yaml b/rendered/manifests/gateway-only/deployment-collector.yaml
index 95babd19f0..9a1bc957c4 100644
--- a/rendered/manifests/gateway-only/deployment-collector.yaml
+++ b/rendered/manifests/gateway-only/deployment-collector.yaml
@@ -33,7 +33,7 @@ spec:
         - /otelcol
         - --config=/conf/relay.yaml
         - --metrics-addr=0.0.0.0:8889
-        image: quay.io/signalfx/splunk-otel-collector:0.29.0
+        image: quay.io/signalfx/splunk-otel-collector:0.31.0
         imagePullPolicy: IfNotPresent
         env:
           - name: SPLUNK_MEMORY_TOTAL_MIB
diff --git a/rendered/manifests/logs-only/daemonset.yaml b/rendered/manifests/logs-only/daemonset.yaml
index 63a084fa74..5e4dd4223e 100644
--- a/rendered/manifests/logs-only/daemonset.yaml
+++ b/rendered/manifests/logs-only/daemonset.yaml
@@ -118,7 +118,7 @@ spec:
           containerPort: 4317
           hostPort: 4317
           protocol: TCP
-        image: quay.io/signalfx/splunk-otel-collector:0.29.0
+        image: quay.io/signalfx/splunk-otel-collector:0.31.0
         imagePullPolicy: IfNotPresent
         env:
           - name: K8S_NODE_NAME
diff --git a/rendered/manifests/metrics-only/daemonset.yaml b/rendered/manifests/metrics-only/daemonset.yaml
index 5323986462..33ac9d6b9f 100644
--- a/rendered/manifests/metrics-only/daemonset.yaml
+++ b/rendered/manifests/metrics-only/daemonset.yaml
@@ -46,7 +46,7 @@ spec:
           containerPort: 9943
           hostPort: 9943
           protocol: TCP
-        image: quay.io/signalfx/splunk-otel-collector:0.29.0
+        image: quay.io/signalfx/splunk-otel-collector:0.31.0
         imagePullPolicy: IfNotPresent
         env:
           - name: K8S_NODE_NAME
diff --git a/rendered/manifests/metrics-only/deployment-k8s-cluster-receiver.yaml b/rendered/manifests/metrics-only/deployment-k8s-cluster-receiver.yaml
index ef43a0656a..cac78ef24a 100644
--- a/rendered/manifests/metrics-only/deployment-k8s-cluster-receiver.yaml
+++ b/rendered/manifests/metrics-only/deployment-k8s-cluster-receiver.yaml
@@ -33,7 +33,7 @@ spec:
         - /otelcol
         - --config=/conf/relay.yaml
         - --metrics-addr=0.0.0.0:8889
-        image: quay.io/signalfx/splunk-otel-collector:0.29.0
+        image: quay.io/signalfx/splunk-otel-collector:0.31.0
         imagePullPolicy: IfNotPresent
         env:
           - name: SPLUNK_MEMORY_TOTAL_MIB
diff --git a/rendered/manifests/traces-only/daemonset.yaml b/rendered/manifests/traces-only/daemonset.yaml
index 6f1c5cc96c..49edcd0e99 100644
--- a/rendered/manifests/traces-only/daemonset.yaml
+++ b/rendered/manifests/traces-only/daemonset.yaml
@@ -58,7 +58,7 @@ spec:
           containerPort: 9411
           hostPort: 9411
           protocol: TCP
-        image: quay.io/signalfx/splunk-otel-collector:0.29.0
+        image: quay.io/signalfx/splunk-otel-collector:0.31.0
         imagePullPolicy: IfNotPresent
         env:
           - name: K8S_NODE_NAME