diff --git a/hack/component-versions.json b/hack/component-versions.json
index cdc000139c..448d8caf1b 100644
--- a/hack/component-versions.json
+++ b/hack/component-versions.json
@@ -16,7 +16,7 @@
 		"version": "v0.35.2"
 	},
 	"Serving": {
-		"version": "v1.20.0",
+		"version": "v1.20.1",
 		"owner": "knative",
 		"repo": "serving"
 	},
diff --git a/hack/component-versions.sh b/hack/component-versions.sh
index c08e3f617f..4da1a0a7a9 100644
--- a/hack/component-versions.sh
+++ b/hack/component-versions.sh
@@ -11,7 +11,7 @@ set_versions() {
 	kind_node_version=v1.32.0@sha256:c48c62eac5da28cdadcf560d1d8616cfa6783b58f0d94cf63ad1bf49600cb027
 
 	# find source-of-truth in component-versions.json to add/modify components
-	knative_serving_version="v1.20.0"
+	knative_serving_version="v1.20.1"
 	knative_eventing_version="v1.20.0"
 	contour_version="v1.20.0"
 	tekton_version="v1.1.0"