diff --git a/VERSION b/VERSION
index 440ddd8f1c2..a406138ee1d 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-v1.15.0
+v1.16.0
diff --git a/charts/kube-ovn-v2/Chart.yaml b/charts/kube-ovn-v2/Chart.yaml
index ee9b48d23dc..020475f011a 100644
--- a/charts/kube-ovn-v2/Chart.yaml
+++ b/charts/kube-ovn-v2/Chart.yaml
@@ -2,6 +2,6 @@ apiVersion: v2
 name: kube-ovn-v2
 description: Helm chart for Kube-OVN
 type: application
-version: 1.15.0
-appVersion: "1.15.0"
+version: 1.16.0
+appVersion: "1.16.0"
 kubeVersion: ">= 1.29.0-0"
diff --git a/charts/kube-ovn-v2/templates/_helpers.tpl b/charts/kube-ovn-v2/templates/_helpers.tpl
index 1f409d0b77b..9d2a7b3fb4e 100644
--- a/charts/kube-ovn-v2/templates/_helpers.tpl
+++ b/charts/kube-ovn-v2/templates/_helpers.tpl
@@ -126,7 +126,7 @@ Get IPs of master nodes from values
     {{- $imageVersion := (index $ds.spec.template.spec.containers 0).image | splitList ":" | last | trimPrefix "v" -}}
     {{- $versionRegex := `^(?P<major>0|[1-9]\d*)\.(?P<minor>0|[1-9]\d*)\.(?P<patch>0|[1-9]\d*)` -}}
     {{- if and (ne $newChartVersion $chartVersion) (regexMatch $versionRegex $imageVersion) -}}
-      {{- if regexFind $versionRegex $imageVersion | semverCompare ">= 1.15.0" -}}
+      {{- if regexFind $versionRegex $imageVersion | semverCompare ">= 1.16.0" -}}
         25.03
       {{- else if regexFind $versionRegex $imageVersion | semverCompare ">= 1.13.0" -}}
         24.03
diff --git a/charts/kube-ovn-v2/values.yaml b/charts/kube-ovn-v2/values.yaml
index a3f3d53b420..edb86a6b68a 100644
--- a/charts/kube-ovn-v2/values.yaml
+++ b/charts/kube-ovn-v2/values.yaml
@@ -302,7 +302,7 @@ natGw:
       repository: docker.io/kubeovn/kube-ovn
       # -- Image tag.
       # @section -- NAT gateways configuration
-      tag: v1.15.0
+      tag: v1.16.0
       # -- Image pull policy.
       # @section -- NAT gateways configuration
       pullPolicy: IfNotPresent
diff --git a/charts/kube-ovn/Chart.yaml b/charts/kube-ovn/Chart.yaml
index 4328fbe9eb8..b4827113336 100644
--- a/charts/kube-ovn/Chart.yaml
+++ b/charts/kube-ovn/Chart.yaml
@@ -15,12 +15,12 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: v1.15.0
+version: v1.16.0
 
 # This is the version number of the application being deployed. This version number should be
 # incremented each time you make changes to the application. Versions are not expected to
 # follow Semantic Versioning. They should reflect the version the application is using.
 # It is recommended to use it with quotes.
-appVersion: "1.15.0"
+appVersion: "1.16.0"
 
 kubeVersion: ">= 1.29.0-0"
diff --git a/charts/kube-ovn/templates/_helpers.tpl b/charts/kube-ovn/templates/_helpers.tpl
index f6ad6533be7..09037f72201 100644
--- a/charts/kube-ovn/templates/_helpers.tpl
+++ b/charts/kube-ovn/templates/_helpers.tpl
@@ -66,7 +66,7 @@ Number of master nodes
     {{- $imageVersion := (index $ds.spec.template.spec.containers 0).image | splitList ":" | last | trimPrefix "v" -}}
     {{- $versionRegex := `^(?P<major>0|[1-9]\d*)\.(?P<minor>0|[1-9]\d*)\.(?P<patch>0|[1-9]\d*)` -}}
     {{- if and (ne $newChartVersion $chartVersion) (regexMatch $versionRegex $imageVersion) -}}
-      {{- if regexFind $versionRegex $imageVersion | semverCompare ">= 1.15.0" -}}
+      {{- if regexFind $versionRegex $imageVersion | semverCompare ">= 1.16.0" -}}
         25.03
       {{- else if regexFind $versionRegex $imageVersion | semverCompare ">= 1.13.0" -}}
         24.03
diff --git a/charts/kube-ovn/values.yaml b/charts/kube-ovn/values.yaml
index 26944971645..8600e7df122 100644
--- a/charts/kube-ovn/values.yaml
+++ b/charts/kube-ovn/values.yaml
@@ -9,7 +9,7 @@ global:
     kubeovn:
       repository: kube-ovn
       vpcRepository: vpc-nat-gateway
-      tag: v1.15.0
+      tag: v1.16.0
       support_arm: true
       thirdparty: true
 
diff --git a/dist/images/install.sh b/dist/images/install.sh
index 8f1b5590b8c..38fd29b43c0 100755
--- a/dist/images/install.sh
+++ b/dist/images/install.sh
@@ -72,7 +72,7 @@ CNI_BIN_DIR="/opt/cni/bin"
 
 REGISTRY="docker.io/kubeovn"
 VPC_NAT_IMAGE="vpc-nat-gateway"
-VERSION="v1.15.0"
+VERSION="v1.16.0"
 IMAGE_PULL_POLICY="IfNotPresent"
 POD_CIDR="10.16.0.0/16"                     # Do NOT overlap with NODE/SVC/JOIN CIDR
 POD_GATEWAY="10.16.0.1"
diff --git a/pkg/controller/subnet.go b/pkg/controller/subnet.go
index d940d67f243..fd2688e0513 100644
--- a/pkg/controller/subnet.go
+++ b/pkg/controller/subnet.go
@@ -1008,8 +1008,28 @@ func (c *Controller) handleDeleteSubnet(subnet *kubeovnv1.Subnet) error {
 		return err
 	}
 
-	err := c.handleDeleteLogicalSwitch(subnet.Name)
+	klog.Infof("cleaning up IPs for subnet %s", subnet.Name)
+	ips, err := c.ipsLister.List(labels.Everything())
 	if err != nil {
+		klog.Errorf("failed to list ips: %v", err)
+		return err
+	}
+	for _, ip := range ips {
+		if ip.Spec.Subnet == subnet.Name {
+			// Delete with foreground propagation to wait for finalizer cleanup
+			deletePolicy := metav1.DeletePropagationForeground
+			if err := c.config.KubeOvnClient.KubeovnV1().IPs().Delete(
+				context.Background(),
+				ip.Name,
+				metav1.DeleteOptions{PropagationPolicy: &deletePolicy},
+			); err != nil && !k8serrors.IsNotFound(err) {
+				klog.Errorf("failed to delete ip %s: %v", ip.Name, err)
+				return err
+			}
+		}
+	}
+
+	if err := c.handleDeleteLogicalSwitch(subnet.Name); err != nil {
 		klog.Errorf("failed to delete logical switch %s %v", subnet.Name, err)
 		return err
 	}