diff --git a/Gemfile.lock b/Gemfile.lock
index af6707e6bfd..5735321051b 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -3,7 +3,7 @@ GEM
   specs:
     CFPropertyList (3.0.5)
       rexml
-    activesupport (6.1.7)
+    activesupport (6.1.7.1)
       concurrent-ruby (~> 1.0, >= 1.0.2)
       i18n (>= 1.6, < 2)
       minitest (>= 5.1)
diff --git a/Libraries/Core/ReactNativeVersion.js b/Libraries/Core/ReactNativeVersion.js
index fa5b6f46e71..0fc730176b6 100644
--- a/Libraries/Core/ReactNativeVersion.js
+++ b/Libraries/Core/ReactNativeVersion.js
@@ -12,6 +12,6 @@
 exports.version = {
   major: 0,
   minor: 71,
-  patch: 0,
+  patch: 1,
   prerelease: null,
 };
diff --git a/React/Base/RCTVersion.m b/React/Base/RCTVersion.m
index fda13feafeb..46c44136d46 100644
--- a/React/Base/RCTVersion.m
+++ b/React/Base/RCTVersion.m
@@ -23,7 +23,7 @@ NSDictionary* RCTGetReactNativeVersion(void)
     __rnVersion = @{
                   RCTVersionMajor: @(0),
                   RCTVersionMinor: @(71),
-                  RCTVersionPatch: @(0),
+                  RCTVersionPatch: @(1),
                   RCTVersionPrerelease: [NSNull null],
                   };
   });
diff --git a/ReactAndroid/gradle.properties b/ReactAndroid/gradle.properties
index 7553909db5c..122b472b589 100644
--- a/ReactAndroid/gradle.properties
+++ b/ReactAndroid/gradle.properties
@@ -1,4 +1,4 @@
-VERSION_NAME=0.71.0
+VERSION_NAME=0.71.1
 GROUP=com.facebook.react
 
 # JVM Versions
diff --git a/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java b/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
index 335b0ed91a5..8096b722542 100644
--- a/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
+++ b/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
@@ -17,6 +17,6 @@ public class ReactNativeVersion {
   public static final Map<String, Object> VERSION = MapBuilder.<String, Object>of(
       "major", 0,
       "minor", 71,
-      "patch", 0,
+      "patch", 1,
       "prerelease", null);
 }
diff --git a/ReactCommon/cxxreact/ReactNativeVersion.h b/ReactCommon/cxxreact/ReactNativeVersion.h
index fd16eea4e35..3b3302cded1 100644
--- a/ReactCommon/cxxreact/ReactNativeVersion.h
+++ b/ReactCommon/cxxreact/ReactNativeVersion.h
@@ -17,7 +17,7 @@ namespace facebook::react {
 constexpr struct {
   int32_t Major = 0;
   int32_t Minor = 71;
-  int32_t Patch = 0;
+  int32_t Patch = 1;
   std::string_view Prerelease = "";
 } ReactNativeVersion;
 
diff --git a/package.json b/package.json
index a5a51c3de0e..cd9e40d0363 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "react-native",
-  "version": "0.71.0",
+  "version": "0.71.1",
   "bin": "./cli.js",
   "description": "A framework for building native apps using React",
   "license": "MIT",
@@ -146,7 +146,7 @@
     "react-test-renderer": "18.2.0",
     "@babel/core": "^7.20.0",
     "@babel/eslint-parser": "^7.18.2",
-    "@babel/generator": "^7.14.0",
+    "@babel/generator": "^7.20.0",
     "@babel/plugin-transform-regenerator": "^7.0.0",
     "@definitelytyped/dtslint": "^0.0.127",
     "@react-native-community/eslint-config": "*",
@@ -205,4 +205,4 @@
       }
     ]
   }
-}
+}
\ No newline at end of file
diff --git a/template/package.json b/template/package.json
index 0cced632c84..a984198b016 100644
--- a/template/package.json
+++ b/template/package.json
@@ -11,7 +11,7 @@
   },
   "dependencies": {
     "react": "18.2.0",
-    "react-native": "0.71.0"
+    "react-native": "0.71.1"
   },
   "devDependencies": {
     "@babel/core": "^7.20.0",