diff --git a/CHANGES.md b/CHANGES.md
index a435d9c59..22f845205 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,26 @@
+Synapse 1.47.1 (2021-11-19)
+===========================
+
+This release fixes a security issue in the media store, affecting all prior releases of Synapse. Server administrators are encouraged to update Synapse as soon as possible. We are not aware of these vulnerabilities being exploited in the wild.
+
+Server administrators who are unable to update Synapse may use the workarounds described in the linked GitHub Security Advisory below.
+
+Security advisory
+-----------------
+
+The following issue is fixed in v1.47.1.
+
+- **[GHSA-3hfw-x7gx-437c](https://github.com/matrix-org/synapse/security/advisories/GHSA-3hfw-x7gx-437c) / [CVE-2021-?????](https://cve.mitre.org/cgi-bin/cvename.cgi?name=CVE-2021-?????): Path traversal when downloading remote media.**
+
+  Synapse instances with the media repository enabled can be tricked into downloading a file from a remote server into an arbitrary directory, potentially outside the media store directory.
+
+  The last two directories and file name of the path are chosen randomly by Synapse and cannot be controlled by an attacker, which limits the impact.
+
+  Homeservers with the media repository disabled are unaffected. Homeservers configured with a federation whitelist are also unaffected.
+
+  Fixed by [91f2bd090](https://github.com/matrix-org/synapse/commit/91f2bd090).
+
+
 Synapse 1.47.0 (2021-11-17)
 ===========================
 
diff --git a/debian/changelog b/debian/changelog
index ba75d0b25..35c906338 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.47.1) stable; urgency=medium
+
+  * New synapse release 1.47.1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Fri, 19 Nov 2021 13:44:32 +0000
+
 matrix-synapse-py3 (1.47.0) stable; urgency=medium
 
   * New synapse release 1.47.0.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index aa964afb5..48ac38aec 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.47.0"
+__version__ = "1.47.1"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when