diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9a90fa638d6928..dfa6c0981c4579 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,40 @@
 # [Versions](https://mui.com/versions/)
 
+## v5.16.1
+
+_Jul 11, 2024_
+
+A big thanks to the 4 contributors who made this release possible. Here are some highlights ✨:
+
+- ⚛️ All packages, including Material UI, are now compatible with React 18.3.1
+
+### `@mui/material@5.16.1`
+
+- [AppBar] Fix inherit color is inconsistent between ThemeProvider and CssVarsProvider (#42713) @ZeeshanTamboli
+
+### `@mui/joy@5.0.0-beta.48`
+
+- [Autocomplete] Fix React spread key warning (#42856) @aarongarciah
+
+### Docs
+
+- [material-ui] Fix React 18.3 key spread warnings in Autocomplete demos (#42854) @aarongarciah
+- [material-ui] Fix type error in virtualized table demo (#42852) @aarongarciah
+- Fix typos (@omahs) (#42888) @omahs
+- Fix 301 @oliviertassinari
+
+### Core
+
+- [core] Bump React to 18.3.1 (#42846) @aarongarciah
+- [core] Remove react-test-renderer (#42853) @aarongarciah
+- [core] Replace enzyme in describeConformance (#42847) @aarongarciah
+- [test] Remove enzyme (#42850) @aarongarciah
+- [test] Remove createMount test util (#42849) @aarongarciah
+- [base-ui] Fix React spread key warning in test (#42855) @aarongarciah
+- [styles][withStyles] Expect React defaultProps warning in test (#42752) (#42851) @aarongarciah
+
+All contributors of this release in alphabetical order: @aarongarciah, @oliviertassinari, @omahs, @ZeeshanTamboli
+
 ## v5.16.0
 
 <!-- generated comparing v5.15.21..master -->
diff --git a/package.json b/package.json
index f471e3fc6c63cf..d7dbbf0ec3907a 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/monorepo",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": true,
   "scripts": {
     "preinstall": "npx only-allow pnpm",
diff --git a/packages/mui-core-downloads-tracker/package.json b/packages/mui-core-downloads-tracker/package.json
index 7495a2b0163fc2..d9da43ac92d3c4 100644
--- a/packages/mui-core-downloads-tracker/package.json
+++ b/packages/mui-core-downloads-tracker/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/core-downloads-tracker",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "Internal package to track number of downloads of our design system libraries",
diff --git a/packages/mui-docs/package.json b/packages/mui-docs/package.json
index 9bd54274ac4e8a..17aec6d8c9e844 100644
--- a/packages/mui-docs/package.json
+++ b/packages/mui-docs/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/docs",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "MUI Docs - Documentation building blocks.",
diff --git a/packages/mui-envinfo/package.json b/packages/mui-envinfo/package.json
index 32ddd5668876cf..1a5a5295101f1a 100644
--- a/packages/mui-envinfo/package.json
+++ b/packages/mui-envinfo/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/envinfo",
-  "version": "2.0.19",
+  "version": "2.0.20",
   "private": false,
   "author": "MUI Team",
   "description": "Logs infos about the environment relevant to @mui/*",
diff --git a/packages/mui-icons-material/package.json b/packages/mui-icons-material/package.json
index b21dd80308ff7d..79a973917693e3 100644
--- a/packages/mui-icons-material/package.json
+++ b/packages/mui-icons-material/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/icons-material",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "Material Design icons distributed as SVG React components.",
diff --git a/packages/mui-joy/package.json b/packages/mui-joy/package.json
index 7caaceb645dec9..1ba1a6672c1a9e 100644
--- a/packages/mui-joy/package.json
+++ b/packages/mui-joy/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/joy",
-  "version": "5.0.0-beta.47",
+  "version": "5.0.0-beta.48",
   "private": false,
   "author": "MUI Team",
   "description": "Joy UI is an open-source React component library that implements MUI's own design principles. It's comprehensive and can be used in production out of the box.",
diff --git a/packages/mui-lab/package.json b/packages/mui-lab/package.json
index 071db4f19a9c9b..d917ceebddde26 100644
--- a/packages/mui-lab/package.json
+++ b/packages/mui-lab/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/lab",
-  "version": "5.0.0-alpha.171",
+  "version": "5.0.0-alpha.172",
   "private": false,
   "author": "MUI Team",
   "description": "Laboratory for new MUI modules.",
diff --git a/packages/mui-material-nextjs/package.json b/packages/mui-material-nextjs/package.json
index 92c3bf77b54db1..e9dead942ca059 100644
--- a/packages/mui-material-nextjs/package.json
+++ b/packages/mui-material-nextjs/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/material-nextjs",
-  "version": "5.15.11",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "Collection of utilities for integration between Material UI and Next.js.",
diff --git a/packages/mui-material/package.json b/packages/mui-material/package.json
index 32df6ea46566f2..baf55b9e9e5175 100644
--- a/packages/mui-material/package.json
+++ b/packages/mui-material/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/material",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "Material UI is an open-source React component library that implements Google's Material Design. It's comprehensive and can be used in production out of the box.",
diff --git a/packages/mui-private-theming/package.json b/packages/mui-private-theming/package.json
index efc64d7ceba7c9..cde8a7f18f6e7f 100644
--- a/packages/mui-private-theming/package.json
+++ b/packages/mui-private-theming/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/private-theming",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "Private - The React theme context to be shared between `@mui/styles` and `@mui/material`.",
diff --git a/packages/mui-styled-engine/package.json b/packages/mui-styled-engine/package.json
index 02d661e1968f2c..9354996f16eec5 100644
--- a/packages/mui-styled-engine/package.json
+++ b/packages/mui-styled-engine/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/styled-engine",
-  "version": "5.15.14",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "styled() API wrapper package for emotion.",
diff --git a/packages/mui-styles/package.json b/packages/mui-styles/package.json
index 4c28272200f8bc..40849ac783e822 100644
--- a/packages/mui-styles/package.json
+++ b/packages/mui-styles/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/styles",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "MUI Styles - The legacy JSS-based styling solution of Material UI.",
diff --git a/packages/mui-system/package.json b/packages/mui-system/package.json
index b4c4d3597c0278..ee94bc59ced1ee 100644
--- a/packages/mui-system/package.json
+++ b/packages/mui-system/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/system",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "MUI System is a set of CSS utilities to help you build custom designs more efficiently. It makes it possible to rapidly lay out custom designs.",
diff --git a/packages/mui-types/package.json b/packages/mui-types/package.json
index b1064854003743..4de4da481a2c8e 100644
--- a/packages/mui-types/package.json
+++ b/packages/mui-types/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/types",
-  "version": "7.2.14",
+  "version": "7.2.15",
   "private": false,
   "author": "MUI Team",
   "description": "Utility types for MUI.",
diff --git a/packages/mui-utils/package.json b/packages/mui-utils/package.json
index 64575d3099b384..3ffd3f01da48b3 100644
--- a/packages/mui-utils/package.json
+++ b/packages/mui-utils/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/utils",
-  "version": "5.16.0",
+  "version": "5.16.1",
   "private": false,
   "author": "MUI Team",
   "description": "Utility functions for React components.",
diff --git a/packages/pigment-css-nextjs-plugin/package.json b/packages/pigment-css-nextjs-plugin/package.json
index e7c718e1f3d5ee..7308c3a8d04610 100644
--- a/packages/pigment-css-nextjs-plugin/package.json
+++ b/packages/pigment-css-nextjs-plugin/package.json
@@ -1,6 +1,7 @@
 {
   "name": "@pigment-css/nextjs-plugin",
   "version": "0.0.3",
+  "private": true,
   "main": "build/index.js",
   "module": "build/index.mjs",
   "types": "build/index.d.ts",
diff --git a/packages/pigment-css-react/package.json b/packages/pigment-css-react/package.json
index 8a9bad449ff2f7..05da6562d5c303 100644
--- a/packages/pigment-css-react/package.json
+++ b/packages/pigment-css-react/package.json
@@ -1,6 +1,7 @@
 {
   "name": "@pigment-css/react",
   "version": "0.0.3",
+  "private": true,
   "main": "build/index.js",
   "module": "build/index.mjs",
   "types": "build/index.d.ts",
diff --git a/packages/pigment-css-unplugin/package.json b/packages/pigment-css-unplugin/package.json
index 4ffc19b889726d..27a16ecfb518b2 100644
--- a/packages/pigment-css-unplugin/package.json
+++ b/packages/pigment-css-unplugin/package.json
@@ -1,6 +1,7 @@
 {
   "name": "@pigment-css/unplugin",
   "version": "0.0.3",
+  "private": true,
   "main": "build/index.js",
   "module": "build/index.mjs",
   "types": "build/index.d.ts",
diff --git a/packages/pigment-css-vite-plugin/package.json b/packages/pigment-css-vite-plugin/package.json
index e59fa61ef19b46..bd8ef042b9b5a3 100644
--- a/packages/pigment-css-vite-plugin/package.json
+++ b/packages/pigment-css-vite-plugin/package.json
@@ -1,6 +1,7 @@
 {
   "name": "@pigment-css/vite-plugin",
   "version": "0.0.3",
+  "private": true,
   "main": "build/index.js",
   "module": "build/index.mjs",
   "types": "build/index.d.ts",