diff --git a/.github/ISSUE_TEMPLATE.md b/.github/ISSUE_TEMPLATE.md
index c1b8072bb3..9fb906fd20 100644
--- a/.github/ISSUE_TEMPLATE.md
+++ b/.github/ISSUE_TEMPLATE.md
@@ -24,4 +24,4 @@ Describe what you expect the output to be. Knowing the correct behavior is also
 Provide any additional information here.
 
 #### Current Version:
-v2.33.0
+v2.33.1
diff --git a/RELEASE-NOTES.txt b/RELEASE-NOTES.txt
index 29df313862..075086b3cd 100644
--- a/RELEASE-NOTES.txt
+++ b/RELEASE-NOTES.txt
@@ -1,6 +1,11 @@
 CMDSTAN RELEASE NOTES
 ======================================================================
 
+v2.33.1 (13 September 2023)
+======================================================================
+
+- Update stanc3 binaries to v2.33.1
+
 v2.33.0 (5 September 2023)
 ======================================================================
 
diff --git a/makefile b/makefile
index 1557693d38..da31200354 100644
--- a/makefile
+++ b/makefile
@@ -149,7 +149,7 @@ include make/program
 include make/tests
 include make/command
 
-CMDSTAN_VERSION := 2.33.0
+CMDSTAN_VERSION := 2.33.1
 
 ifeq ($(OS),Windows_NT)
 HELP_MAKE=mingw32-make
diff --git a/stan b/stan
index 98a6b5592e..777733804c 160000
--- a/stan
+++ b/stan
@@ -1 +1 @@
-Subproject commit 98a6b5592e0268c8cbed914050ef93e55b55d517
+Subproject commit 777733804c6f5037cf1dbf6ad0c6757ab6de32e3