diff --git a/CHANGELOG.md b/CHANGELOG.md
index 18e9f662d575..2da23f2e9b75 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -10,6 +10,13 @@ internal API changes are not present.
 Main (unreleased)
 -----------------
 
+v0.38.0-rc.1 (2023-11-20)
+-------------------------
+
+### Enhancements
+
+- Allow agent to start with `module.git` config if cached before. (@hainenber)
+
 ### Bugfixes
 
 - Fix default configuration file `grafana-agent-flow.river` used in downstream packages. (@bricewge)
@@ -112,8 +119,6 @@ v0.38.0-rc.0 (2023-11-16)
 
 - Updated windows exporter to use prometheus-community/windows_exporter commit 1836cd1. (@mattdurham)
 
-- Allow agent to start with `module.git` config if cached before. (@hainenber)
-
 ### Bugfixes
 
 - Set exit code 1 on grafana-agentctl non-runnable command. (@fgouteroux)
diff --git a/docs/sources/_index.md b/docs/sources/_index.md
index ecbe02c29237..15df6d9c3174 100644
--- a/docs/sources/_index.md
+++ b/docs/sources/_index.md
@@ -9,7 +9,7 @@ title: Grafana Agent
 description: Grafana Agent is a flexible, performant, vendor-neutral, telemetry collector
 weight: 350
 cascade:
-  AGENT_RELEASE: v0.38.0-rc.0
+  AGENT_RELEASE: v0.38.0-rc.1
   OTEL_VERSION: v0.87.0
 ---
 
diff --git a/pkg/operator/defaults.go b/pkg/operator/defaults.go
index d1da8136fa40..27d19feb218d 100644
--- a/pkg/operator/defaults.go
+++ b/pkg/operator/defaults.go
@@ -2,7 +2,7 @@ package operator
 
 // Supported versions of the Grafana Agent.
 var (
-	DefaultAgentVersion   = "v0.38.0-rc.0"
+	DefaultAgentVersion   = "v0.38.0-rc.1"
 	DefaultAgentBaseImage = "grafana/agent"
 	DefaultAgentImage     = DefaultAgentBaseImage + ":" + DefaultAgentVersion
 )
diff --git a/tools/gen-versioned-files/agent-version.txt b/tools/gen-versioned-files/agent-version.txt
index 0419d9c65489..840190248a93 100644
--- a/tools/gen-versioned-files/agent-version.txt
+++ b/tools/gen-versioned-files/agent-version.txt
@@ -1 +1 @@
-v0.38.0-rc.0
+v0.38.0-rc.1