diff --git a/build/dependencies.yaml b/build/dependencies.yaml
index 0e2d3b2754e3d..c9a1bfdc16252 100644
--- a/build/dependencies.yaml
+++ b/build/dependencies.yaml
@@ -80,7 +80,7 @@ dependencies:
       match: configs\[Etcd\] = Config{list\.GcEtcdRegistry, "etcd", "\d+\.\d+.\d+(-(alpha|beta|rc).\d+)?(-\d+)?"}
 
   - name: "etcd-image"
-    version: 3.5.7
+    version: 3.5.8
     refPaths:
     - path: cluster/images/etcd/Makefile
       match: BUNDLED_ETCD_VERSIONS\?|LATEST_ETCD_VERSION\?
@@ -88,7 +88,7 @@ dependencies:
 
   # From https://github.com/etcd-io/etcd/blob/main/Makefile
   - name: "golang: etcd release version"
-    version: 1.17.13 # for etcd v3.5.6: https://github.com/etcd-io/etcd/blob/v3.5.6/Makefile#L58 golang version should be 1.16.15, BUT because of newer dependencies in our repository we use newer golang which has `unsafe.Slice`
+    version: 1.19.8 # https://github.com/etcd-io/etcd/blob/main/CHANGELOG/CHANGELOG-3.5.md
     refPaths:
     - path: cluster/images/etcd/Makefile
       match: 'GOLANG_VERSION := \d+.\d+(alpha|beta|rc)?\.?(\d+)?'
diff --git a/cluster/images/etcd/Makefile b/cluster/images/etcd/Makefile
index dd151f70f47b7..d57bfce4f2f58 100644
--- a/cluster/images/etcd/Makefile
+++ b/cluster/images/etcd/Makefile
@@ -15,7 +15,7 @@
 # Build the etcd image
 #
 # Usage:
-# 	[BUNDLED_ETCD_VERSIONS=3.0.17 3.1.20 3.2.32 3.3.17 3.4.18 3.5.7] [REGISTRY=registry.k8s.io] [ARCH=amd64] [BASEIMAGE=busybox] make (build|push)
+# 	[BUNDLED_ETCD_VERSIONS=3.0.17 3.1.20 3.2.32 3.3.17 3.4.18 3.5.8] [REGISTRY=registry.k8s.io] [ARCH=amd64] [BASEIMAGE=busybox] make (build|push)
 #
 # The image contains different etcd versions to simplify
 # upgrades. Thus be careful when removing any versions from here.
@@ -26,15 +26,15 @@
 # Except from etcd-$(version) and etcdctl-$(version) binaries, we also
 # need etcd and etcdctl binaries for backward compatibility reasons.
 # That binary will be set to the last version from $(BUNDLED_ETCD_VERSIONS).
-BUNDLED_ETCD_VERSIONS?=3.0.17 3.1.20 3.2.32 3.3.17 3.4.18 3.5.7
+BUNDLED_ETCD_VERSIONS?=3.0.17 3.1.20 3.2.32 3.3.17 3.4.18 3.5.8
 
 # LATEST_ETCD_VERSION identifies the most recent etcd version available.
-LATEST_ETCD_VERSION?=3.5.7
+LATEST_ETCD_VERSION?=3.5.8
 
 # REVISION provides a version number for this image and all it's bundled
 # artifacts. It should start at zero for each LATEST_ETCD_VERSION and increment
 # for each revision of this image at that etcd version.
-REVISION?=1
+REVISION?=0
 
 # IMAGE_TAG Uniquely identifies registry.k8s.io/etcd docker image with a tag of the form "<etcd-version>-<revision>".
 IMAGE_TAG=$(LATEST_ETCD_VERSION)-$(REVISION)
@@ -83,7 +83,7 @@ endif
 # This option is for running docker manifest command
 export DOCKER_CLI_EXPERIMENTAL := enabled
 # golang version should match the golang version of the official build from https://github.com/etcd-io/etcd/releases.
-GOLANG_VERSION := 1.17.13
+GOLANG_VERSION := 1.19.8
 GOARM?=7
 TEMP_DIR:=$(shell mktemp -d)
 
diff --git a/cluster/images/etcd/migrate/options.go b/cluster/images/etcd/migrate/options.go
index 74f92a2b240d5..6d3f14e5ad536 100644
--- a/cluster/images/etcd/migrate/options.go
+++ b/cluster/images/etcd/migrate/options.go
@@ -28,7 +28,7 @@ import (
 )
 
 var (
-	supportedEtcdVersions = []string{"3.0.17", "3.1.20", "3.2.32", "3.3.17", "3.4.18", "3.5.7"}
+	supportedEtcdVersions = []string{"3.4.18", "3.5.8"}
 )
 
 const (