diff --git a/requirements-core.txt b/requirements-core.txt
index 97422cfb92..4d8a64ebbe 100644
--- a/requirements-core.txt
+++ b/requirements-core.txt
@@ -33,7 +33,7 @@ requests
 pandas>=1.1.5
 
 # OpenVINO
-openvino==2023.0.0
+openvino==2023.1.0
 tokenizers
 
 # Encryption
diff --git a/requirements-default.txt b/requirements-default.txt
index 023ca9ed13..f17dda00e6 100644
--- a/requirements-default.txt
+++ b/requirements-default.txt
@@ -2,4 +2,4 @@ dvc>=3.0.0
 fsspec <= 2022.11.0; python_version < '3.8' # https://github.com/openvinotoolkit/datumaro/actions/runs/4003215621/jobs/6871114851#step:5:1647
 GitPython>=3.1.18,!=3.1.25 # https://github.com/openvinotoolkit/datumaro/issues/612
 openvino-telemetry>=2022.1.0
-openvino-dev==2023.0.0
+openvino-dev==2023.1.0
diff --git a/src/datumaro/version.py b/src/datumaro/version.py
index 5b60188613..e178843201 100644
--- a/src/datumaro/version.py
+++ b/src/datumaro/version.py
@@ -1 +1 @@
-__version__ = "1.5.0"
+__version__ = "1.5.1rc1"