diff --git a/docs/README.md b/docs/README.md
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--- a/docs/README.md
+++ b/docs/README.md
@@ -83,3 +83,7 @@ Documents that help to understand and contribute to Kata Containers.
 If you have a suggestion for how we can improve the
 [website](https://katacontainers.io), please raise an issue (or a PR) on
 [the repository that holds the source for the website](https://github.com/OpenStackweb/kata-netlify-refresh).
+
+### Toolchain Guidance
+
+* [Toolchain Guidance](./Toochain-Guidance.md)
diff --git a/docs/Toochain-Guidance.md b/docs/Toochain-Guidance.md
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@@ -0,0 +1,39 @@
+# Toolchains
+
+As a community we want to strike a balance between having up-to-date toolchains, to receive the
+latest security fixes and to be able to benefit from new features and packages, whilst not being
+too bleeding edge and disrupting downstream and other consumers. As a result we have the following
+guidelines (note, not hard rules) for our go and rust toolchains that we are attempting to try out:
+
+## Go toolchain
+
+Go is released [every six months](https://go.dev/wiki/Go-Release-Cycle) with support for the
+[last two major release versions](https://go.dev/doc/devel/release#policy). We always want to
+ensure that we are on a supported version so we receive security fixes. To try and make
+things easier for some of our users, we aim to be using the older of the two supported major
+versions, unless there is a compelling reason to adopt the newer version.
+
+In practice this means that we bump our major version of the go toolchain every six months to
+version (1.x-1) in response to a new version (1.x) coming out, which makes our current version
+(1.x-2) no longer supported. We will bump the minor version whenever required to satisfy
+dependency updates, or security fixes.
+
+Our go toolchain version is recorded in [`versions.yaml`](../versions.yaml) under
+`.languages.golang.version` and should match with the version in our `go.mod` files.
+
+## Rust toolchain
+
+Rust has a [six week](https://doc.rust-lang.org/book/appendix-05-editions.html#:~:text=The%20Rust%20language%20and%20compiler,these%20tiny%20changes%20add%20up.)
+release cycle and they only support the latest stable release, so if we wanted to remain on a
+supported release we would only ever build with the latest stable and bump every 6 weeks.
+However feedback from our community has indicated that this is a challenge as downstream consumers
+often want to get rust from their distro, or downstream fork and these struggle to keep up with
+the six week release schedule. As a result the community has agreed to try out a policy of
+"stable-2", where we aim to build with a rust version that is two versions behind the latest stable
+version.
+
+In practice this should mean that we bump our rust toolchain every six weeks, to version
+1.x-2 when 1.x is released as stable and we should be picking up the latest point release
+of that version, if there were any.
+
+The rust-toolchain that we are using is recorded in [`rust-toolchain.toml`](../rust-toolchain.toml).