diff --git a/lib/modules/manager/helm-values/extract.ts b/lib/modules/manager/helm-values/extract.ts
index 61437fdbb79571..7e707aab22327b 100644
--- a/lib/modules/manager/helm-values/extract.ts
+++ b/lib/modules/manager/helm-values/extract.ts
@@ -5,6 +5,7 @@ import { getDep } from '../dockerfile/extract';
 import type { PackageDependency, PackageFileContent } from '../types';
 import type { HelmDockerImageDependency } from './types';
 import {
+  getParsedSiblingChartYaml,
   matchesHelmValuesDockerHeuristic,
   matchesHelmValuesInlineImage,
 } from './util';
@@ -57,10 +58,10 @@ function findDependencies(
   return packageDependencies;
 }
 
-export function extractPackageFile(
+export async function extractPackageFile(
   content: string,
-  packageFile?: string,
-): PackageFileContent | null {
+  packageFile: string,
+): Promise<PackageFileContent | null> {
   let parsedContent: Record<string, unknown>[] | HelmDockerImageDependency[];
   try {
     // a parser that allows extracting line numbers would be preferable, with
@@ -79,6 +80,17 @@ export function extractPackageFile(
     }
 
     if (deps.length) {
+      // in Helm, the current package version is the version of the chart.
+      // This fetches this version by reading it from the Chart.yaml
+      // found in the same folder as the currently processed values file.
+      const siblingChart = await getParsedSiblingChartYaml(packageFile);
+      const packageFileVersion = siblingChart?.version;
+      if (packageFileVersion) {
+        return {
+          deps,
+          packageFileVersion,
+        };
+      }
       return { deps };
     }
   } catch (err) /* istanbul ignore next */ {
diff --git a/lib/modules/manager/helm-values/index.ts b/lib/modules/manager/helm-values/index.ts
index 6d96f591c1b390..61290829cab14b 100644
--- a/lib/modules/manager/helm-values/index.ts
+++ b/lib/modules/manager/helm-values/index.ts
@@ -1,6 +1,7 @@
 import type { Category } from '../../../constants';
 import { DockerDatasource } from '../../datasource/docker';
 export { extractPackageFile } from './extract';
+export { bumpPackageVersion } from './update';
 
 export const defaultConfig = {
   commitMessageTopic: 'helm values {{depName}}',
diff --git a/lib/modules/manager/helm-values/update.ts b/lib/modules/manager/helm-values/update.ts
new file mode 100644
index 00000000000000..493abda86e10f0
--- /dev/null
+++ b/lib/modules/manager/helm-values/update.ts
@@ -0,0 +1,56 @@
+import { ReleaseType, inc } from 'semver';
+import { logger } from '../../../logger';
+import { getSiblingFileName } from '../../../util/fs';
+import type { BumpPackageVersionResult } from '../types';
+import { getSiblingChartYamlContent } from './util';
+
+export async function bumpPackageVersion(
+  content: string,
+  currentValue: string,
+  bumpVersion: ReleaseType,
+  packageFile: string,
+): Promise<BumpPackageVersionResult> {
+  logger.debug(
+    { bumpVersion, currentValue },
+    'Checking if we should bump Chart.yaml version',
+  );
+  const chartFileName = getSiblingFileName(packageFile, 'Chart.yaml');
+  const chartYamlContent = await getSiblingChartYamlContent(packageFile);
+  try {
+    const newChartVersion = inc(currentValue, bumpVersion);
+    if (!newChartVersion) {
+      throw new Error('semver inc failed');
+    }
+    if (chartYamlContent === null) {
+      throw new Error(
+        'Cannot bump chart version because Chart.yaml could not be read.',
+      );
+    }
+    logger.debug({ newChartVersion });
+    const bumpedContent = chartYamlContent?.replace(
+      /^(version:\s*).*$/m,
+      `$1${newChartVersion}`,
+    );
+    if (bumpedContent === chartYamlContent) {
+      logger.debug('Version was already bumped');
+    } else {
+      logger.debug('Bumped Chart.yaml version');
+    }
+    return {
+      bumpedContent: content,
+      bumpedFiles: [{ fileName: chartFileName, newContent: bumpedContent }],
+    };
+  } catch (err) {
+    logger.warn(
+      {
+        chartYamlContent,
+        currentValue,
+        bumpVersion,
+      },
+      'Failed to bumpVersion',
+    );
+    return {
+      bumpedContent: content,
+    };
+  }
+}
diff --git a/lib/modules/manager/helm-values/util.ts b/lib/modules/manager/helm-values/util.ts
index 34b6c2dabc86ab..c5c253b783288e 100644
--- a/lib/modules/manager/helm-values/util.ts
+++ b/lib/modules/manager/helm-values/util.ts
@@ -1,3 +1,6 @@
+import yaml from 'js-yaml';
+import { logger } from '../../../logger';
+import { getSiblingFileName, readLocalFile } from '../../../util/fs';
 import { hasKey } from '../../../util/object';
 import { regEx } from '../../../util/regex';
 import type { HelmDockerImageDependency } from './types';
@@ -41,3 +44,51 @@ export function matchesHelmValuesInlineImage(
 ): data is string {
   return !!(parentKeyRe.test(parentKey) && data && typeof data === 'string');
 }
+
+/**
+ * This function looks for a Chart.yaml in the same directory as @param fileName and
+ * returns its raw contents.
+ *
+ * @param fileName
+ */
+export async function getSiblingChartYamlContent(
+  fileName: string,
+): Promise<string | null> {
+  try {
+    const chartFileName = getSiblingFileName(fileName, 'Chart.yaml');
+    return await readLocalFile(chartFileName, 'utf8');
+  } catch (err) {
+    logger.debug({ fileName }, 'Failed to read helm Chart.yaml');
+    return null;
+  }
+}
+
+/**
+ * This function looks for a Chart.yaml in the same directory as @param fileName and
+ * if it looks like a valid Helm Chart.yaml, it is parsed and returned as an object.
+ *
+ * @param fileName
+ */
+export async function getParsedSiblingChartYaml(
+  fileName: string,
+): Promise<any> {
+  try {
+    const chartContents = await getSiblingChartYamlContent(fileName);
+    if (!chartContents) {
+      logger.debug({ fileName }, 'Failed to find helm Chart.yaml');
+      return null;
+    }
+    const chart = yaml.load(chartContents, { json: true }) as any;
+    if (!(chart?.apiVersion && chart.name && chart.version)) {
+      logger.debug(
+        { fileName },
+        'Failed to find required fields in Chart.yaml',
+      );
+      return null;
+    }
+    return chart;
+  } catch (err) {
+    logger.debug({ fileName }, 'Failed to parse helm Chart.yaml');
+    return null;
+  }
+}
diff --git a/lib/modules/manager/types.ts b/lib/modules/manager/types.ts
index 8435b4e9b9d467..ee6cccebe25522 100644
--- a/lib/modules/manager/types.ts
+++ b/lib/modules/manager/types.ts
@@ -199,6 +199,12 @@ export interface UpdateDependencyConfig<T = Record<string, any>> {
 
 export interface BumpPackageVersionResult {
   bumpedContent: string | null;
+  // describes files that was changed instead of or in addition to the packageFile
+  bumpedFiles?: BumpedPackageFile[];
+}
+export interface BumpedPackageFile {
+  fileName: string;
+  newContent: string;
 }
 
 export interface UpdateLockedConfig {
@@ -235,6 +241,7 @@ export interface ManagerApi extends ModuleApi {
     content: string,
     currentValue: string,
     bumpVersion: ReleaseType,
+    packageFile?: string,
   ): Result<BumpPackageVersionResult>;
 
   detectGlobalConfig?(): Result<GlobalManagerConfig>;
diff --git a/lib/workers/repository/update/branch/get-updated.ts b/lib/workers/repository/update/branch/get-updated.ts
index 648f107c25b213..a4fb441be3e2d4 100644
--- a/lib/workers/repository/update/branch/get-updated.ts
+++ b/lib/workers/repository/update/branch/get-updated.ts
@@ -6,6 +6,7 @@ import { get } from '../../../../modules/manager';
 import type {
   ArtifactError,
   PackageDependency,
+  BumpedPackageFile,
 } from '../../../../modules/manager/types';
 import { getFile } from '../../../../util/git';
 import type { FileAddition, FileChange } from '../../../../util/git/types';
@@ -20,6 +21,21 @@ export interface PackageFilesResult {
   updatedArtifacts: FileChange[];
 }
 
+async function getFileContent(
+  updatedFileContents: Record<string, string>,
+  filePath: string,
+  config: BranchConfig,
+): Promise<string | null> {
+  let fileContent: string | null = updatedFileContents[filePath];
+  if (!fileContent) {
+    fileContent = await getFile(
+      filePath,
+      config.reuseExistingBranch ? config.branchName : config.baseBranch,
+    );
+  }
+  return fileContent;
+}
+
 export async function getUpdatedPackageFiles(
   config: BranchConfig,
 ): Promise<PackageFilesResult> {
@@ -46,23 +62,19 @@ export async function getUpdatedPackageFiles(
     packageFileUpdatedDeps[packageFile] =
       packageFileUpdatedDeps[packageFile] || [];
     packageFileUpdatedDeps[packageFile].push({ ...upgrade });
-    let packageFileContent: string | null = updatedFileContents[packageFile];
-    if (!packageFileContent) {
-      packageFileContent = await getFile(
-        packageFile,
-        reuseExistingBranch ? config.branchName : config.baseBranch,
-      );
-    }
+    const packageFileContent = await getFileContent(
+      updatedFileContents,
+      packageFile,
+      config,
+    );
     let lockFileContent: string | null = null;
     const lockFile = upgrade.lockFile ?? upgrade.lockFiles?.[0] ?? '';
     if (lockFile) {
-      lockFileContent = updatedFileContents[lockFile];
-      if (!lockFileContent) {
-        lockFileContent = await getFile(
-          lockFile,
-          reuseExistingBranch ? config.branchName : config.baseBranch,
-        );
-      }
+      lockFileContent = await getFileContent(
+        updatedFileContents,
+        lockFile,
+        config,
+      );
     }
     // istanbul ignore if
     if (
@@ -174,17 +186,20 @@ export async function getUpdatedPackageFiles(
         );
         firstUpdate = false;
         if (res) {
+          let bumpedPackageFiles: BumpedPackageFile[] = [];
           if (
             bumpPackageVersion &&
             upgrade.bumpVersion &&
             upgrade.packageFileVersion
           ) {
-            const { bumpedContent } = await bumpPackageVersion(
+            const bumpResult = await bumpPackageVersion(
               res,
               upgrade.packageFileVersion,
               upgrade.bumpVersion,
+              packageFile,
             );
-            res = bumpedContent;
+            res = bumpResult.bumpedContent;
+            bumpedPackageFiles = bumpResult.bumpedFiles ?? [];
           }
           if (res === packageFileContent) {
             logger.debug({ packageFile, depName }, 'No content changed');
@@ -192,6 +207,18 @@ export async function getUpdatedPackageFiles(
             logger.debug({ packageFile, depName }, 'Contents updated');
             updatedFileContents[packageFile] = res!;
             delete nonUpdatedFileContents[packageFile];
+            // indicates that the version was bumped in one or more files in
+            // addition to or instead of the packageFile
+            if (bumpedPackageFiles) {
+              for (const bumpedPackageFile of bumpedPackageFiles) {
+                logger.debug(
+                  { bumpedPackageFile, depName },
+                  'Updating bumpedPackageFile content',
+                );
+                updatedFileContents[bumpedPackageFile.fileName] =
+                  bumpedPackageFile.newContent;
+              }
+            }
           }
           continue;
         } else if (reuseExistingBranch) {
@@ -217,6 +244,7 @@ export async function getUpdatedPackageFiles(
           newContent,
           upgrade.packageFileVersion,
           upgrade.bumpVersion,
+          packageFile,
         );
         newContent = bumpedContent;
       }