diff --git a/ext/psych/lib/psych/versions.rb b/ext/psych/lib/psych/versions.rb
index dfa1917a65..bbff9290dc 100644
--- a/ext/psych/lib/psych/versions.rb
+++ b/ext/psych/lib/psych/versions.rb
@@ -2,9 +2,9 @@
 # frozen_string_literal: true
 module Psych
   # The version of Psych you are using
-  VERSION = '3.1.0'
+  VERSION = '3.1.1'
 
   if RUBY_ENGINE == 'jruby'
-    DEFAULT_SNAKEYAML_VERSION = '1.23'.freeze
+    DEFAULT_SNAKEYAML_VERSION = '1.26'.freeze
   end
 end