diff --git a/changelog/fragments/upgrade-opm.yaml b/changelog/fragments/upgrade-opm.yaml
new file mode 100644
index 00000000000..58802440e26
--- /dev/null
+++ b/changelog/fragments/upgrade-opm.yaml
@@ -0,0 +1,22 @@
+# entries is a list of entries to include in
+# release notes and/or the migration guide
+entries:
+  - description: >
+      For All-based Operators, upgrade OPM to version from `v1.23.0` to `v1.55.0`, which includes several bug fixes and 
+      improvements. For further information, see: https://github.com/operator-framework/operator-registry/releases
+    kind: "change"
+    breaking: false
+    migration:
+      header: Upgrade OPM version to v1.55.0 in the Makefile
+      body: |
+        Update the OPM version in your Makefile to `v1.55.0`:
+
+        ```makefile 
+        -const opmVersion = "v1.23.0"
+        +const opmVersion = "v1.55.0"
+        ```
+        
+        ```makefile 
+        -       curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.23.0/$${OS}-$${ARCH}-opm ;\
+        +       curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.55.0/$${OS}-$${ARCH}-opm ;\
+        ```
diff --git a/internal/plugins/manifests/v2/init.go b/internal/plugins/manifests/v2/init.go
index 1fddec3a4fe..34b69c488ca 100644
--- a/internal/plugins/manifests/v2/init.go
+++ b/internal/plugins/manifests/v2/init.go
@@ -35,7 +35,7 @@ import (
 
 // Version of `opm` to download and use for building index images.
 // This version's release artifacts *must* contain a binary for multiple arches; certain releases do not.
-const opmVersion = "v1.23.0"
+const opmVersion = "v1.55.0"
 
 const filePath = "Makefile"
 
diff --git a/testdata/go/v4/memcached-operator/Makefile b/testdata/go/v4/memcached-operator/Makefile
index c23fdc8b9e1..91896ed9850 100644
--- a/testdata/go/v4/memcached-operator/Makefile
+++ b/testdata/go/v4/memcached-operator/Makefile
@@ -308,7 +308,7 @@ ifeq (,$(shell which opm 2>/dev/null))
 	set -e ;\
 	mkdir -p $(dir $(OPM)) ;\
 	OS=$(shell go env GOOS) && ARCH=$(shell go env GOARCH) && \
-	curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.23.0/$${OS}-$${ARCH}-opm ;\
+	curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.55.0/$${OS}-$${ARCH}-opm ;\
 	chmod +x $(OPM) ;\
 	}
 else
diff --git a/testdata/go/v4/monitoring/memcached-operator/Makefile b/testdata/go/v4/monitoring/memcached-operator/Makefile
index d210012951c..b879aa57897 100644
--- a/testdata/go/v4/monitoring/memcached-operator/Makefile
+++ b/testdata/go/v4/monitoring/memcached-operator/Makefile
@@ -323,7 +323,7 @@ ifeq (,$(shell which opm 2>/dev/null))
 	set -e ;\
 	mkdir -p $(dir $(OPM)) ;\
 	OS=$(shell go env GOOS) && ARCH=$(shell go env GOARCH) && \
-	curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.23.0/$${OS}-$${ARCH}-opm ;\
+	curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.55.0/$${OS}-$${ARCH}-opm ;\
 	chmod +x $(OPM) ;\
 	}
 else
diff --git a/testdata/helm/memcached-operator/Makefile b/testdata/helm/memcached-operator/Makefile
index 6a51136815b..5388458550e 100644
--- a/testdata/helm/memcached-operator/Makefile
+++ b/testdata/helm/memcached-operator/Makefile
@@ -198,7 +198,7 @@ ifeq (,$(shell which opm 2>/dev/null))
 	@{ \
 	set -e ;\
 	mkdir -p $(dir $(OPM)) ;\
-	curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.23.0/$(OS)-$(ARCH)-opm ;\
+	curl -sSLo $(OPM) https://github.com/operator-framework/operator-registry/releases/download/v1.55.0/$(OS)-$(ARCH)-opm ;\
 	chmod +x $(OPM) ;\
 	}
 else