diff --git a/charts/alertmanager/Chart.yaml b/charts/alertmanager/Chart.yaml
index 4b0884111b8d..5f9f16a5ff9f 100644
--- a/charts/alertmanager/Chart.yaml
+++ b/charts/alertmanager/Chart.yaml
@@ -6,7 +6,7 @@ icon: https://raw.githubusercontent.com/prometheus/prometheus.github.io/master/a
 sources:
   - https://github.com/prometheus/alertmanager
 type: application
-version: 1.7.0
+version: 1.7.1
 appVersion: v0.26.0
 kubeVersion: ">=1.19.0-0"
 keywords:
diff --git a/charts/alertmanager/templates/statefulset.yaml b/charts/alertmanager/templates/statefulset.yaml
index 25d81a921345..56e6b3eaa5c2 100644
--- a/charts/alertmanager/templates/statefulset.yaml
+++ b/charts/alertmanager/templates/statefulset.yaml
@@ -11,6 +11,11 @@ metadata:
   {{- end }}
   namespace: {{ include "alertmanager.namespace" . }}
 spec:
+  {{- if semverCompare ">= 1.27.x" (include "alertmanager.kubeVersion" .) }}
+  persistentVolumeClaimRetentionPolicy:
+    whenDeleted: {{ .Values.persistentVolumeClaimRetentionPolicy.whenDeleted }}
+    whenScaled: {{ .Values.persistentVolumeClaimRetentionPolicy.whenScaled }}
+  {{- end }}
   replicas: {{ .Values.replicaCount }}
   revisionHistoryLimit: {{ .Values.revisionHistoryLimit }}
   selector:
diff --git a/charts/alertmanager/values.schema.json b/charts/alertmanager/values.schema.json
index 172dbcf3e67b..aa030c5917e7 100644
--- a/charts/alertmanager/values.schema.json
+++ b/charts/alertmanager/values.schema.json
@@ -747,7 +747,48 @@
             "properties": {
                 "annotations": {
                     "type": "object"
+                },
+                "enabled": {
+                  "type": "boolean"
+                },
+                "headless": {
+                  "type": "object",
+                  "properties": {
+                    "annotations": {
+                      "type": "object"
+                    },
+                    "gRPC": {
+                      "type": "object",
+                      "properties": {
+                        "enabled": {
+                          "type": "boolean"
+                        },
+                        "servicePort": {
+                          "type": "integer"
+                        }
+                      }
+                    },
+                    "labels": {
+                      "type": "object"
+                    },
+                    "servicePort": {
+                      "type": "integer"
+                    }
+                  }
+                },
+                "labels": {
+                  "type": "object"
+                },
+                "podManagementPolicy": {
+                  "type": "string"
+                },
+                "pvcDeleteOnStsDelete": {
+                  "type": "boolean"
+                },
+                "pvcDeleteOnStsScale": {
+                  "type": "boolean"
                 }
+              }
             }
         },
         "podAnnotations": {
@@ -912,4 +953,3 @@
             }
         }
     }
-}
diff --git a/charts/alertmanager/values.yaml b/charts/alertmanager/values.yaml
index fa3b355a5114..0c3f43f694e9 100644
--- a/charts/alertmanager/values.yaml
+++ b/charts/alertmanager/values.yaml
@@ -235,6 +235,16 @@ topologySpreadConstraints: []
 statefulSet:
   annotations: {}
 
+  ## Statefulset's persistent volume claim retention policy
+  ## pvcDeleteOnStsDelete and pvcDeleteOnStsScale determine whether
+  ## statefulset's PVCs are deleted (true) or retained (false) on scaling down
+  ## and deleting statefulset, respectively. Requires 1.27.0+.
+  ## Ref: https://kubernetes.io/docs/concepts/workloads/controllers/statefulset/#persistentvolumeclaim-retention
+  ##
+  persistentVolumeClaimRetentionPolicy:
+    whenDeleted: Retain
+    whenScaled: Retain
+
 podAnnotations: {}
 podLabels: {}