diff --git a/Config.mk b/Config.mk
index 5c177e73ded7..5909d3a4518d 100644
--- a/Config.mk
+++ b/Config.mk
@@ -238,15 +238,15 @@ SEABIOS_UPSTREAM_URL ?= git://xenbits.xen.org/seabios.git
 MINIOS_UPSTREAM_URL ?= git://xenbits.xen.org/mini-os.git
 endif
 OVMF_UPSTREAM_REVISION ?= 7b4a99be8a39c12d3a7fc4b8db9f0eab4ac688d5
-QEMU_UPSTREAM_REVISION ?= qemu-xen-4.16.0
-MINIOS_UPSTREAM_REVISION ?= xen-RELEASE-4.16.0
+QEMU_UPSTREAM_REVISION ?= qemu-xen-4.16.1
+MINIOS_UPSTREAM_REVISION ?= xen-RELEASE-4.16.1
 
 SEABIOS_UPSTREAM_REVISION ?= rel-1.14.0
 
 ETHERBOOT_NICS ?= rtl8139 8086100e
 
 
-QEMU_TRADITIONAL_REVISION ?= xen-4.16.0
+QEMU_TRADITIONAL_REVISION ?= xen-4.16.1
 
 # Specify which qemu-dm to use. This may be `ioemu' to use the old
 # Mercurial in-tree version, or a local directory, or a git URL.
diff --git a/xen/Makefile b/xen/Makefile
index e3e281177cae..8abc71cf73aa 100644
--- a/xen/Makefile
+++ b/xen/Makefile
@@ -2,7 +2,7 @@
 # All other places this is stored (eg. compile.h) should be autogenerated.
 export XEN_VERSION       = 4
 export XEN_SUBVERSION    = 16
-export XEN_EXTRAVERSION ?= .1-pre$(XEN_VENDORVERSION)
+export XEN_EXTRAVERSION ?= .1$(XEN_VENDORVERSION)
 export XEN_FULLVERSION   = $(XEN_VERSION).$(XEN_SUBVERSION)$(XEN_EXTRAVERSION)
 -include xen-version