diff --git a/CHANGELOG.md b/CHANGELOG.md
index 310d13f24e4f..86ef2b109c88 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,17 @@
 # Changelog
 
+## 0.308.1
+
+<details><summary>google/cloud-storage 1.48.6</summary>
+
+
+
+### Bug Fixes
+
+* **Storage:** Revert "Implement path containment to prevent traversal attacks" ([#8692](https://github.com/googleapis/google-cloud-php/issues/8692)) ([6c19eaf](https://github.com/googleapis/google-cloud-php/commit/6c19eafbbeed2c386c3268bebe23876cf92b355d))
+
+</details>
+
 ## 0.308.0
 
 <details><summary>google/cloud-ai-platform 1.43.0</summary>
diff --git a/Storage/VERSION b/Storage/VERSION
index 933e56bda1e4..1b90367dbc7f 100644
--- a/Storage/VERSION
+++ b/Storage/VERSION
@@ -1 +1 @@
-1.48.5
+1.48.6
diff --git a/Storage/src/StorageClient.php b/Storage/src/StorageClient.php
index 947759f9232e..ca0085437e9f 100644
--- a/Storage/src/StorageClient.php
+++ b/Storage/src/StorageClient.php
@@ -47,7 +47,7 @@ class StorageClient
     use ArrayTrait;
     use ClientTrait;
 
-    const VERSION = '1.48.5';
+    const VERSION = '1.48.6';
 
     const FULL_CONTROL_SCOPE = 'https://www.googleapis.com/auth/devstorage.full_control';
     const READ_ONLY_SCOPE = 'https://www.googleapis.com/auth/devstorage.read_only';
diff --git a/composer.json b/composer.json
index 53269d73ba14..5188c0a9546f 100644
--- a/composer.json
+++ b/composer.json
@@ -249,7 +249,7 @@
         "google/cloud-spanner": "2.0.1-RC1\n",
         "google/cloud-speech": "2.2.1",
         "google/cloud-sql-admin": "1.3.1",
-        "google/cloud-storage": "1.48.5",
+        "google/cloud-storage": "1.48.6",
         "google/cloud-storage-control": "1.6.1",
         "google/cloud-storage-transfer": "2.3.1",
         "google/cloud-storagebatchoperations": "0.2.1",