diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2988f06f..06e56784 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,8 @@
 * Added detection of libnvdxgdmal.so.1 on WSL2.
 * 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.
+
 ## v1.14.3
 * [toolkit-container] Bump CUDA base image version to 12.2.2.
 
diff --git a/versions.mk b/versions.mk
index 201f2ad6..59633236 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 "")