diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8106ec90..0b70ca03 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,8 @@
 * Use devRoot to resolve MIG device nodes.
 * Fix bug in determining default nvidia-container-runtime.user config value on SUSE-based systems.
 
+* [toolkit-container] Bump CUDA base image version to 12.3.1.
+
 ## v1.15.0-rc.1
 * Skip update of ldcache in containers without ldconfig. The .so.SONAME symlinks are still created.
 * Normalize ldconfig path on use. This automatically adjust the ldconfig setting applied to ldconfig.real on systems where this exists.
diff --git a/versions.mk b/versions.mk
index 56ca3673..65e2af5a 100644
--- a/versions.mk
+++ b/versions.mk
@@ -30,7 +30,7 @@ NVIDIA_CONTAINER_RUNTIME_VERSION := 3.14.0
 # Specify the expected libnvidia-container0 version for arm64-based ubuntu builds.
 LIBNVIDIA_CONTAINER0_VERSION := 0.10.0+jetpack
 
-CUDA_VERSION := 12.2.2
+CUDA_VERSION := 12.3.1
 GOLANG_VERSION := 1.20.5
 
 GIT_COMMIT ?= $(shell git describe --match="" --dirty --long --always --abbrev=40 2> /dev/null || echo "")