diff --git a/CHANGELOG-old.md b/CHANGELOG-old.md
index d4e02de4565b..440819bc4526 100644
--- a/CHANGELOG-old.md
+++ b/CHANGELOG-old.md
@@ -19,6 +19,54 @@
 
 # Historical Changelog
 
+## [54.2.0](https://github.com/apache/arrow-rs/tree/54.2.0) (2025-02-12)
+
+[Full Changelog](https://github.com/apache/arrow-rs/compare/54.1.0...54.2.0)
+
+**Implemented enhancements:**
+
+- Casting from Utf8View to Dict\(k, Utf8View\) [\#7114](https://github.com/apache/arrow-rs/issues/7114)
+- Support creating map arrays with key metadata [\#7100](https://github.com/apache/arrow-rs/issues/7100) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
+- \[parquet\] Print Parquet BasicTypeInfo id when present [\#7081](https://github.com/apache/arrow-rs/issues/7081) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)]
+- Add arrow-ipc benchmarks for the IPC reader and writer [\#6968](https://github.com/apache/arrow-rs/issues/6968) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
+
+**Fixed bugs:**
+
+- NullBufferBuilder::allocated_size Returns Size in Bits [\#7121](https://github.com/apache/arrow-rs/issues/7121) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
+- \[Regression in 54.0.0\]. Decimal cast to smaller precision gives invalid \(off-by-one\) result in some cases [\#7069](https://github.com/apache/arrow-rs/issues/7069) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
+- Minor: Fix deprecated note to point to the correct const [\#7067](https://github.com/apache/arrow-rs/issues/7067) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
+- incorrect error message for reading definition levels [\#7056](https://github.com/apache/arrow-rs/issues/7056) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)]
+- First None in ListArray panics in `cast_with_options` [\#7043](https://github.com/apache/arrow-rs/issues/7043) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
+
+**Documentation updates:**
+
+- Minor: Clarify documentation on `NullBufferBuilder::allocated_size` [\#7089](https://github.com/apache/arrow-rs/pull/7089) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
+- Minor: Update release schedule [\#7086](https://github.com/apache/arrow-rs/pull/7086) ([alamb](https://github.com/alamb))
+- Improve `ListArray` documentation for slices [\#7039](https://github.com/apache/arrow-rs/pull/7039) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
+
+**Merged pull requests:**
+
+- fix: NullBufferBuilder::allocated_size should return Size in Bytes [\#7122](https://github.com/apache/arrow-rs/pull/7122) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([shuozel](https://github.com/shuozel))
+- minor: fix deprecated_note [\#7105](https://github.com/apache/arrow-rs/pull/7105) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([Chen-Yuan-Lai](https://github.com/Chen-Yuan-Lai))
+- Minor: Fix ArrayDataBuilder::build_unchecked docs [\#7103](https://github.com/apache/arrow-rs/pull/7103) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([gstvg](https://github.com/gstvg))
+- Support setting key field in MapBuilder [\#7101](https://github.com/apache/arrow-rs/pull/7101) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([rshkv](https://github.com/rshkv))
+- Add tests that arrow IPC data is validated [\#7096](https://github.com/apache/arrow-rs/pull/7096) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
+- Print Parquet BasicTypeInfo id when present [\#7094](https://github.com/apache/arrow-rs/pull/7094) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([devinrsmith](https://github.com/devinrsmith))
+- Expose record boundary information in JSON decoder [\#7092](https://github.com/apache/arrow-rs/pull/7092) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([scovich](https://github.com/scovich))
+- Benchmarks for Arrow IPC reader [\#7091](https://github.com/apache/arrow-rs/pull/7091) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
+- Benchmarks for Arrow IPC writer [\#7090](https://github.com/apache/arrow-rs/pull/7090) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
+- Add another decimal cast edge test case [\#7078](https://github.com/apache/arrow-rs/pull/7078) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([findepi](https://github.com/findepi))
+- minor: re-export `OffsetBufferBuilder` in `arrow` crate [\#7077](https://github.com/apache/arrow-rs/pull/7077) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
+- Support converting large dates \(i.e. +10999-12-31\) from string to Date32 [\#7074](https://github.com/apache/arrow-rs/pull/7074) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([phillipleblanc](https://github.com/phillipleblanc))
+- fix: issue introduced in \#6833 - less than equal check for scale in decimal conversion [\#7070](https://github.com/apache/arrow-rs/pull/7070) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([himadripal](https://github.com/himadripal))
+- perf: inline `from_iter` for `ScalarBuffer` [\#7066](https://github.com/apache/arrow-rs/pull/7066) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([0ax1](https://github.com/0ax1))
+- fix: first none/empty list in `ListArray` panics in `cast_with_options` [\#7065](https://github.com/apache/arrow-rs/pull/7065) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([irenjj](https://github.com/irenjj))
+- Minor: add ticket reference for todo [\#7064](https://github.com/apache/arrow-rs/pull/7064) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([alamb](https://github.com/alamb))
+- Refactor some decimal-related code and tests [\#7062](https://github.com/apache/arrow-rs/pull/7062) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([CurtHagenlocher](https://github.com/CurtHagenlocher))
+- fix error message for reading definition levels [\#7057](https://github.com/apache/arrow-rs/pull/7057) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([jp0317](https://github.com/jp0317))
+- Update release schedule README.md [\#7053](https://github.com/apache/arrow-rs/pull/7053) ([alamb](https://github.com/alamb))
+- Support both 0x01 and 0x02 as type for list of booleans in thrift metadata [\#7052](https://github.com/apache/arrow-rs/pull/7052) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([jhorstmann](https://github.com/jhorstmann))
+- Refactor arrow-ipc: Move `create_*_array` methods into `RecordBatchDecoder` [\#7029](https://github.com/apache/arrow-rs/pull/7029) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
 ## [54.1.0](https://github.com/apache/arrow-rs/tree/54.1.0) (2025-01-29)
 
 [Full Changelog](https://github.com/apache/arrow-rs/compare/53.4.0...54.1.0)
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 47d3980eb790..1d230b39f50c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -19,55 +19,12 @@
 
 # Changelog
 
-## [54.2.0](https://github.com/apache/arrow-rs/tree/54.2.0) (2025-02-12)
+## [54.2.1](https://github.com/apache/arrow-rs/tree/54.2.1) (2025-02-27)
 
-[Full Changelog](https://github.com/apache/arrow-rs/compare/54.1.0...54.2.0)
-
-**Implemented enhancements:**
-
-- Casting from Utf8View to Dict\(k, Utf8View\) [\#7114](https://github.com/apache/arrow-rs/issues/7114)
-- Support creating map arrays with key metadata [\#7100](https://github.com/apache/arrow-rs/issues/7100) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
-- \[parquet\] Print Parquet BasicTypeInfo id when present [\#7081](https://github.com/apache/arrow-rs/issues/7081) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)]
-- Add arrow-ipc benchmarks for the IPC reader and writer [\#6968](https://github.com/apache/arrow-rs/issues/6968) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
+[Full Changelog](https://github.com/apache/arrow-rs/compare/54.2.0...54.2.1)
 
 **Fixed bugs:**
 
-- NullBufferBuilder::allocated_size Returns Size in Bits [\#7121](https://github.com/apache/arrow-rs/issues/7121) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
-- \[Regression in 54.0.0\]. Decimal cast to smaller precision gives invalid \(off-by-one\) result in some cases [\#7069](https://github.com/apache/arrow-rs/issues/7069) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
-- Minor: Fix deprecated note to point to the correct const [\#7067](https://github.com/apache/arrow-rs/issues/7067) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
-- incorrect error message for reading definition levels [\#7056](https://github.com/apache/arrow-rs/issues/7056) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)]
-- First None in ListArray panics in `cast_with_options` [\#7043](https://github.com/apache/arrow-rs/issues/7043) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)]
-
-**Documentation updates:**
-
-- Minor: Clarify documentation on `NullBufferBuilder::allocated_size` [\#7089](https://github.com/apache/arrow-rs/pull/7089) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-- Minor: Update release schedule [\#7086](https://github.com/apache/arrow-rs/pull/7086) ([alamb](https://github.com/alamb))
-- Improve `ListArray` documentation for slices [\#7039](https://github.com/apache/arrow-rs/pull/7039) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-
-**Merged pull requests:**
-
-- fix: NullBufferBuilder::allocated_size should return Size in Bytes [\#7122](https://github.com/apache/arrow-rs/pull/7122) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([shuozel](https://github.com/shuozel))
-- minor: fix deprecated_note [\#7105](https://github.com/apache/arrow-rs/pull/7105) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([Chen-Yuan-Lai](https://github.com/Chen-Yuan-Lai))
-- Minor: Fix ArrayDataBuilder::build_unchecked docs [\#7103](https://github.com/apache/arrow-rs/pull/7103) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([gstvg](https://github.com/gstvg))
-- Support setting key field in MapBuilder [\#7101](https://github.com/apache/arrow-rs/pull/7101) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([rshkv](https://github.com/rshkv))
-- Add tests that arrow IPC data is validated [\#7096](https://github.com/apache/arrow-rs/pull/7096) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-- Print Parquet BasicTypeInfo id when present [\#7094](https://github.com/apache/arrow-rs/pull/7094) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([devinrsmith](https://github.com/devinrsmith))
-- Expose record boundary information in JSON decoder [\#7092](https://github.com/apache/arrow-rs/pull/7092) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([scovich](https://github.com/scovich))
-- Benchmarks for Arrow IPC reader [\#7091](https://github.com/apache/arrow-rs/pull/7091) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-- Benchmarks for Arrow IPC writer [\#7090](https://github.com/apache/arrow-rs/pull/7090) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-- Add another decimal cast edge test case [\#7078](https://github.com/apache/arrow-rs/pull/7078) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([findepi](https://github.com/findepi))
-- minor: re-export `OffsetBufferBuilder` in `arrow` crate [\#7077](https://github.com/apache/arrow-rs/pull/7077) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-- Support converting large dates \(i.e. +10999-12-31\) from string to Date32 [\#7074](https://github.com/apache/arrow-rs/pull/7074) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([phillipleblanc](https://github.com/phillipleblanc))
-- fix: issue introduced in \#6833 - less than equal check for scale in decimal conversion [\#7070](https://github.com/apache/arrow-rs/pull/7070) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([himadripal](https://github.com/himadripal))
-- perf: inline `from_iter` for `ScalarBuffer` [\#7066](https://github.com/apache/arrow-rs/pull/7066) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([0ax1](https://github.com/0ax1))
-- fix: first none/empty list in `ListArray` panics in `cast_with_options` [\#7065](https://github.com/apache/arrow-rs/pull/7065) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([irenjj](https://github.com/irenjj))
-- Minor: add ticket reference for todo [\#7064](https://github.com/apache/arrow-rs/pull/7064) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([alamb](https://github.com/alamb))
-- Refactor some decimal-related code and tests [\#7062](https://github.com/apache/arrow-rs/pull/7062) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([CurtHagenlocher](https://github.com/CurtHagenlocher))
-- fix error message for reading definition levels [\#7057](https://github.com/apache/arrow-rs/pull/7057) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([jp0317](https://github.com/jp0317))
-- Update release schedule README.md [\#7053](https://github.com/apache/arrow-rs/pull/7053) ([alamb](https://github.com/alamb))
-- Support both 0x01 and 0x02 as type for list of booleans in thrift metadata [\#7052](https://github.com/apache/arrow-rs/pull/7052) [[parquet](https://github.com/apache/arrow-rs/labels/parquet)] ([jhorstmann](https://github.com/jhorstmann))
-- Refactor arrow-ipc: Move `create_*_array` methods into `RecordBatchDecoder` [\#7029](https://github.com/apache/arrow-rs/pull/7029) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-- Refactor arrow-ipc: Rename `ArrayReader` to `RecodeBatchDecoder` [\#7028](https://github.com/apache/arrow-rs/pull/7028) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
-- Introduce `UnsafeFlag` to manage disabling `ArrayData` validation [\#7027](https://github.com/apache/arrow-rs/pull/7027) [[arrow](https://github.com/apache/arrow-rs/labels/arrow)] ([alamb](https://github.com/alamb))
+- Use chrono >= 0.4.34, < 0.4.40 to avoid breaking [\#7210](https://github.com/apache/arrow-rs/pull/7210)
 
-\* _This Changelog was automatically generated by [github_changelog_generator](https://github.com/github-changelog-generator/github-changelog-generator)_
+\* *This Changelog was automatically generated by [github_changelog_generator](https://github.com/github-changelog-generator/github-changelog-generator)*
diff --git a/Cargo.toml b/Cargo.toml
index c474a3961bc4..38a48149bae2 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -62,7 +62,7 @@ exclude = [
 ]
 
 [workspace.package]
-version = "54.2.0"
+version = "54.2.1"
 homepage = "https://github.com/apache/arrow-rs"
 repository = "https://github.com/apache/arrow-rs"
 authors = ["Apache Arrow <dev@arrow.apache.org>"]
@@ -77,20 +77,20 @@ edition = "2021"
 rust-version = "1.70"
 
 [workspace.dependencies]
-arrow = { version = "54.2.0", path = "./arrow", default-features = false }
-arrow-arith = { version = "54.2.0", path = "./arrow-arith" }
-arrow-array = { version = "54.2.0", path = "./arrow-array" }
-arrow-buffer = { version = "54.2.0", path = "./arrow-buffer" }
-arrow-cast = { version = "54.2.0", path = "./arrow-cast" }
-arrow-csv = { version = "54.2.0", path = "./arrow-csv" }
-arrow-data = { version = "54.2.0", path = "./arrow-data" }
-arrow-ipc = { version = "54.2.0", path = "./arrow-ipc" }
-arrow-json = { version = "54.2.0", path = "./arrow-json" }
-arrow-ord = { version = "54.2.0", path = "./arrow-ord" }
-arrow-row = { version = "54.2.0", path = "./arrow-row" }
-arrow-schema = { version = "54.2.0", path = "./arrow-schema" }
-arrow-select = { version = "54.2.0", path = "./arrow-select" }
-arrow-string = { version = "54.2.0", path = "./arrow-string" }
-parquet = { version = "54.2.0", path = "./parquet", default-features = false }
+arrow = { version = "54.2.1", path = "./arrow", default-features = false }
+arrow-arith = { version = "54.2.1", path = "./arrow-arith" }
+arrow-array = { version = "54.2.1", path = "./arrow-array" }
+arrow-buffer = { version = "54.2.1", path = "./arrow-buffer" }
+arrow-cast = { version = "54.2.1", path = "./arrow-cast" }
+arrow-csv = { version = "54.2.1", path = "./arrow-csv" }
+arrow-data = { version = "54.2.1", path = "./arrow-data" }
+arrow-ipc = { version = "54.2.1", path = "./arrow-ipc" }
+arrow-json = { version = "54.2.1", path = "./arrow-json" }
+arrow-ord = { version = "54.2.1", path = "./arrow-ord" }
+arrow-row = { version = "54.2.1", path = "./arrow-row" }
+arrow-schema = { version = "54.2.1", path = "./arrow-schema" }
+arrow-select = { version = "54.2.1", path = "./arrow-select" }
+arrow-string = { version = "54.2.1", path = "./arrow-string" }
+parquet = { version = "54.2.1", path = "./parquet", default-features = false }
 
 chrono = { version = "0.4.40", default-features = false, features = ["clock"] }
diff --git a/dev/release/update_change_log.sh b/dev/release/update_change_log.sh
index 738126bf6463..6fbbaf449b13 100755
--- a/dev/release/update_change_log.sh
+++ b/dev/release/update_change_log.sh
@@ -29,8 +29,8 @@
 
 set -e
 
-SINCE_TAG="54.1.0"
-FUTURE_RELEASE="54.2.0"
+SINCE_TAG="54.2.0"
+FUTURE_RELEASE="54.2.1"
 
 SOURCE_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
 SOURCE_TOP_DIR="$(cd "${SOURCE_DIR}/../../" && pwd)"