diff --git a/ironic_inspector/common/ironic.py b/ironic_inspector/common/ironic.py
index 272a61a8b..26ce965b8 100644
--- a/ironic_inspector/common/ironic.py
+++ b/ironic_inspector/common/ironic.py
@@ -30,8 +30,12 @@ LOG = utils.getProcessingLogger(__name__)
 VALID_STATES = {'enroll', 'manageable', 'inspecting', 'inspect wait',
                 'inspect failed'}
 
-# 1.19 is API version, which supports port.pxe_enabled
-DEFAULT_IRONIC_API_VERSION = '1.19'
+# 1.38 is the latest API version in the Queens release series, 10.1.0.
+# NOTE(mgoddard): This should be updated with each release to ensure that
+# inspector is able to use the latest ironic API. In particular, this version
+# is used when processing introspection rules, and is the default version used
+# by processing plugins.
+DEFAULT_IRONIC_API_VERSION = '1.38'
 
 IRONIC_SESSION = None
 
diff --git a/releasenotes/notes/story-2002166-371315335fd8e62d.yaml b/releasenotes/notes/story-2002166-371315335fd8e62d.yaml
new file mode 100644
index 000000000..0816c431f
--- /dev/null
+++ b/releasenotes/notes/story-2002166-371315335fd8e62d.yaml
@@ -0,0 +1,14 @@
+---
+upgrade:
+  - |
+    Updates the default Ironic API version to 1.38.
+
+    This version is used by default within the Bare Metal Inspection service
+    when communicating with the Bare Metal API. It is the default used by
+    processing plugins, which may override the version, and by introspection
+    rules, which may not override the version.
+
+    1.38 was the API version at the time of the most recent Queens series
+    Bare Metal service release (10.1.0).
+
+    See `story 2002166 <https://storyboard.openstack.org/#!/story/2002166>`__.