diff --git a/CHANGELOG.md b/CHANGELOG.md
index cbc5b081..cacd7169 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,23 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.34.0
+
+**Release date:** 2023-02-17
+
+This prerelease adds support for parsing the
+[RFC-0005](https://github.com/fluxcd/flux2/tree/main/rfcs/0005-artifact-revision-and-digest)
+revision format produced by source-controller `>=v0.35.0`.
+
+In addition, the controller dependencies have been updated to their latest
+versions.
+
+Improvements:
+- Support RFC-0005 revision format
+  [#793](https://github.com/fluxcd/kustomize-controller/pull/793)
+- Update dependencies
+  [#796](https://github.com/fluxcd/kustomize-controller/pull/796)
+
 ## 0.33.0
 
 **Release date:** 2023-02-01
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index d5378eb9..5ba763d9 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/kustomize-controller
     newName: fluxcd/kustomize-controller
-    newTag: v0.33.0
+    newTag: v0.34.0
diff --git a/go.mod b/go.mod
index e151b84f..7a2842da 100644
--- a/go.mod
+++ b/go.mod
@@ -19,7 +19,7 @@ require (
 	github.com/aws/aws-sdk-go-v2/service/sts v1.18.3
 	github.com/cyphar/filepath-securejoin v0.2.3
 	github.com/dimchansky/utfbom v1.1.1
-	github.com/fluxcd/kustomize-controller/api v0.33.0
+	github.com/fluxcd/kustomize-controller/api v0.34.0
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.4.0
 	github.com/fluxcd/pkg/apis/kustomize v0.8.0