diff --git a/CHANGELOG.md b/CHANGELOG.md
index df70336d01..f5ac0d26a4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,4 +1,27 @@
 # Release Notes
+## Version 1.16.0 - 2020-12-17
+* fix ip node retrieve for none driver [#9986](https://github.com/kubernetes/minikube/pull/9986)
+* remove experimental warning for multinode [#9987](https://github.com/kubernetes/minikube/pull/9987)
+* Enable Ingress Addon for Docker Windows [#9761](https://github.com/kubernetes/minikube/pull/9761)
+* Bump preload to v8 to include updated dashboard [#9984](https://github.com/kubernetes/minikube/pull/9984)
+* Add ssh-host command for getting the ssh host keys [#9630](https://github.com/kubernetes/minikube/pull/9630)
+* Added sub-step logging to adm init step on start [#9904](https://github.com/kubernetes/minikube/pull/9904)
+* Add --node option for command `ip` and `ssh-key` [#9873](https://github.com/kubernetes/minikube/pull/9873)
+* Upgrade Docker, from 20.10.0 to 20.10.1 [#9966](https://github.com/kubernetes/minikube/pull/9966)
+* Upgrade kubernetes dashboard to v2.1.0 for 1.20 [#9963](https://github.com/kubernetes/minikube/pull/9963)
+* Upgrade buildkit from 0.8.0 to 0.8.1 [#9967](https://github.com/kubernetes/minikube/pull/9967)
+
+Thank you to our contributors for this release!
+
+- Anders F Björklund
+- Jituri, Pranav
+- Ling Samuel
+- Sharif Elgamal
+- Steven Powell
+- Thomas Strömberg
+- priyawadhwa
+- wangxy518
+
 ## Version 1.16.0-beta.0 - 2020-12-14
 
 Features:
diff --git a/Makefile b/Makefile
index 121636d6d6..38d46b9071 100644
--- a/Makefile
+++ b/Makefile
@@ -15,7 +15,7 @@
 # Bump these on release - and please check ISO_VERSION for correctness.
 VERSION_MAJOR ?= 1
 VERSION_MINOR ?= 16
-VERSION_BUILD ?= 0-beta.0
+VERSION_BUILD ?= 0
 RAW_VERSION=$(VERSION_MAJOR).$(VERSION_MINOR).$(VERSION_BUILD)
 VERSION ?= v$(RAW_VERSION)