diff --git a/CHANGELOG.md b/CHANGELOG.md
index 32b950c1..371d7a8b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,16 @@
 # Changelog
 
+## 0.16.1 (2024-01-06)
+[Compare the full difference.](https://github.com/callowayproject/bump-my-version/compare/0.16.0...0.16.1)
+
+### Fixes
+
+- Fixed empty string replacement bug. [d9965ab](https://github.com/callowayproject/bump-my-version/commit/d9965abbcfb11b611ed032daebada0565809dff4)
+    
+  Only a missing replacement value will trigger one of the fallback options.
+
+  Fixes #117
+
 ## 0.16.0 (2024-01-05)
 [Compare the full difference.](https://github.com/callowayproject/bump-my-version/compare/0.15.4...0.16.0)
 
diff --git a/bumpversion/__init__.py b/bumpversion/__init__.py
index 4ba2d8f3..f9142bc8 100644
--- a/bumpversion/__init__.py
+++ b/bumpversion/__init__.py
@@ -1,3 +1,3 @@
 """Top-level package for bump-my-version."""
 
-__version__: str = "0.16.0"
+__version__: str = "0.16.1"
diff --git a/docsrc/reference/bumpversion/bumpversion.md b/docsrc/reference/bumpversion/bumpversion.md
index 8944ad28..7d46fdfd 100644
--- a/docsrc/reference/bumpversion/bumpversion.md
+++ b/docsrc/reference/bumpversion/bumpversion.md
@@ -51,7 +51,7 @@ bumpversion.__main__
 :canonical: bumpversion.__version__
 :type: str
 :value: >
-   '0.16.0'
+   '0.16.1'
 
 ```{autodoc2-docstring} bumpversion.__version__
 ```
diff --git a/pyproject.toml b/pyproject.toml
index e24dc390..519e67ee 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -208,7 +208,7 @@ order-by-type = true
 convention = "google"
 
 [tool.bumpversion]
-current_version = "0.16.0"
+current_version = "0.16.1"
 commit = true
 commit_args = "--no-verify"
 tag = true
@@ -246,6 +246,7 @@ replace = "{current_version}...{new_version}"
 
 
 
+
 [tool.pydoclint]
 style = "google"
 exclude = '\.git|tests'