diff --git a/build/dependencies.yaml b/build/dependencies.yaml
index 3cf1f1e71a7..117acbc607c 100644
--- a/build/dependencies.yaml
+++ b/build/dependencies.yaml
@@ -80,7 +80,7 @@ dependencies:
       match: configs\[Etcd\] = Config{list\.GcEtcdRegistry, "etcd", "\d+\.\d+.\d+(-(alpha|beta|rc).\d+)?(-\d+)?"}
 
   - name: "etcd-image"
-    version: 3.6.0-rc.2
+    version: 3.5.21
     refPaths:
     - path: cluster/images/etcd/Makefile
       match: BUNDLED_ETCD_VERSIONS\?|LATEST_ETCD_VERSION\?
@@ -109,7 +109,7 @@ dependencies:
 
   # From https://github.com/etcd-io/etcd/blob/main/Makefile
   - name: "golang: etcd release version"
-    version: 1.22.9 # https://github.com/etcd-io/etcd/blob/main/CHANGELOG/CHANGELOG-3.5.md
+    version: 1.23.7 # https://github.com/etcd-io/etcd/blob/main/CHANGELOG/CHANGELOG-3.5.md
     refPaths:
     - path: cluster/images/etcd/Makefile
       match: 'GOLANG_VERSION := \d+.\d+(alpha|beta|rc)?\.?(\d+)?'
diff --git a/cluster/images/etcd/Makefile b/cluster/images/etcd/Makefile
index 3f4f5569612..21c28f7241a 100644
--- a/cluster/images/etcd/Makefile
+++ b/cluster/images/etcd/Makefile
@@ -15,7 +15,7 @@
 # Build the etcd image
 #
 # Usage:
-# 	[BUNDLED_ETCD_VERSIONS=3.4.18 3.5.17] [REGISTRY=registry.k8s.io] [ARCH=amd64] [BASEIMAGE=busybox] make (build|push)
+# 	[BUNDLED_ETCD_VERSIONS=3.4.18 3.5.21] [REGISTRY=registry.k8s.io] [ARCH=amd64] [BASEIMAGE=busybox] make (build|push)
 #
 # The image contains different etcd versions to simplify
 # upgrades. Thus be careful when removing any versions from here.
@@ -26,7 +26,7 @@
 # Except from etcd-$(version) and etcdctl-$(version) binaries, we also
 # need etcd and etcdctl binaries for backward compatibility reasons.
 # That binary will be set to the last version from $(BUNDLED_ETCD_VERSIONS).
-BUNDLED_ETCD_VERSIONS?=3.4.18 3.5.17 3.6.0-rc.2
+BUNDLED_ETCD_VERSIONS?=3.4.18 3.5.21 3.6.0-rc.2
 
 # LATEST_ETCD_VERSION identifies the most recent etcd version available.
 LATEST_ETCD_VERSION?=3.6.0-rc.2
@@ -83,7 +83,7 @@ endif
 # This option is for running docker manifest command
 export DOCKER_CLI_EXPERIMENTAL := enabled
 # golang version should match the golang version of the official build from https://github.com/etcd-io/etcd/releases.
-GOLANG_VERSION := 1.22.9
+GOLANG_VERSION := 1.23.7 # https://github.com/etcd-io/etcd/blob/main/CHANGELOG/CHANGELOG-3.5.md
 GOARM?=7
 TEMP_DIR:=$(shell mktemp -d)
 
diff --git a/cluster/images/etcd/migrate/options.go b/cluster/images/etcd/migrate/options.go
index fc25e5b089b..1ab1894b460 100644
--- a/cluster/images/etcd/migrate/options.go
+++ b/cluster/images/etcd/migrate/options.go
@@ -28,7 +28,7 @@ import (
 )
 
 var (
-	supportedEtcdVersions = []string{"3.4.18", "3.5.17", "3.6.0-rc.2"}
+	supportedEtcdVersions = []string{"3.4.18", "3.5.21", "3.6.0-rc.2"}
 )
 
 const (