diff --git a/chart/Chart.yaml b/chart/Chart.yaml
index ad1d89cbe9beb..deb77b44869c9 100644
--- a/chart/Chart.yaml
+++ b/chart/Chart.yaml
@@ -20,7 +20,7 @@
 apiVersion: v2
 name: airflow
 version: 1.8.0-dev
-appVersion: 2.4.1
+appVersion: 2.4.2
 description: The official Helm chart to deploy Apache Airflow, a platform to
   programmatically author, schedule, and monitor workflows
 home: https://airflow.apache.org/
@@ -46,25 +46,25 @@ annotations:
       url: https://airflow.apache.org/docs/helm-chart/1.6.0/
   artifacthub.io/screenshots: |
     - title: DAGs View
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/dags.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/dags.png
     - title: Datasets View
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/datasets.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/datasets.png
     - title: Grid View
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/grid.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/grid.png
     - title: Graph View
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/graph.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/graph.png
     - title: Calendar View
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/calendar.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/calendar.png
     - title: Variable View
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/variable_hidden.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/variable_hidden.png
     - title: Gantt Chart
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/gantt.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/gantt.png
     - title: Task Duration
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/duration.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/duration.png
     - title: Code View
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/code.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/code.png
     - title: Task Instance Context Menu
-      url: https://airflow.apache.org/docs/apache-airflow/2.4.1/_images/context.png
+      url: https://airflow.apache.org/docs/apache-airflow/2.4.2/_images/context.png
   artifacthub.io/changes: |
     - description: Make cleanup job history configurable
       kind: added
@@ -235,7 +235,7 @@ annotations:
       links:
       - name: '#23836'
         url: https://github.com/apache/airflow/pull/23836
-    - description: 'Misc: Default Airflow version to 2.4.1'
+    - description: 'Misc: Default Airflow version to 2.4.2'
       kind: changed
       links:
       - name: '#26485'
diff --git a/chart/newsfragments/27230.significant.rst b/chart/newsfragments/27230.significant.rst
new file mode 100644
index 0000000000000..a27e49360af53
--- /dev/null
+++ b/chart/newsfragments/27230.significant.rst
@@ -0,0 +1,3 @@
+Default Airflow image is updated to ``2.4.2``
+
+The default Airflow image that is used with the Chart is now ``2.4.1``, previously it was ``2.4.1``.
diff --git a/chart/values.schema.json b/chart/values.schema.json
index 444ffc1c24236..faaed86f8e704 100644
--- a/chart/values.schema.json
+++ b/chart/values.schema.json
@@ -77,13 +77,13 @@
         "defaultAirflowTag": {
             "description": "Default airflow tag to deploy.",
             "type": "string",
-            "default": "2.4.1",
+            "default": "2.4.2",
             "x-docsSection": "Common"
         },
         "airflowVersion": {
             "description": "Airflow version (Used to make some decisions based on Airflow Version being deployed).",
             "type": "string",
-            "default": "2.4.1",
+            "default": "2.4.2",
             "x-docsSection": "Common"
         },
         "securityContext": {
diff --git a/chart/values.yaml b/chart/values.yaml
index 84816b5a3a2d0..c844bd8009e31 100644
--- a/chart/values.yaml
+++ b/chart/values.yaml
@@ -49,10 +49,10 @@ airflowHome: /opt/airflow
 defaultAirflowRepository: apache/airflow
 
 # Default airflow tag to deploy
-defaultAirflowTag: "2.4.1"
+defaultAirflowTag: "2.4.2"
 
 # Airflow version (Used to make some decisions based on Airflow Version being deployed)
-airflowVersion: "2.4.1"
+airflowVersion: "2.4.2"
 
 # Images
 images:
