diff --git a/.version b/.version
index b05723fc603a..18d0478a0414 100644
--- a/.version
+++ b/.version
@@ -1 +1 @@
-3.50.1
+3.50.2
diff --git a/changelog/pending/20221122--sdk-python--bumps-grpcio-to-1-50.yaml b/changelog/pending/20221122--sdk-python--bumps-grpcio-to-1-50.yaml
new file mode 100644
index 000000000000..f72a61383654
--- /dev/null
+++ b/changelog/pending/20221122--sdk-python--bumps-grpcio-to-1-50.yaml
@@ -0,0 +1,4 @@
+changes:
+- type: chore
+  scope: sdk/python
+  description: Bumps grpcio to 1.50
diff --git a/proto/.checksum.txt b/proto/.checksum.txt
index b5079aa76971..a661d8ee20c8 100644
--- a/proto/.checksum.txt
+++ b/proto/.checksum.txt
@@ -1,4 +1,4 @@
-283055245 2069 proto/build-container/Dockerfile
+3850377987 2069 proto/build-container/Dockerfile
 3003861496 625 proto/build-container/scripts/install-go.sh
 853251015 873 proto/build-container/scripts/install-node.sh
 2003827277 549 proto/build-container/scripts/install-packages.sh
diff --git a/proto/build-container/Dockerfile b/proto/build-container/Dockerfile
index 512648c03f3d..80fcc66de82d 100644
--- a/proto/build-container/Dockerfile
+++ b/proto/build-container/Dockerfile
@@ -54,6 +54,6 @@ RUN PROTOC_VERSION=3.20.1 \
     PROTOC_GEN_GO_VERSION=1.5.2 \
     NODEJS_GRPC_VERSION=1.24.2 \
     NODEJS_GRPC_TOOLS_VERSION=1.8.1 \
-    PYTHON_GRPCIO_VERSION=1.49.1 \
-    PYTHON_GRPCIO_TOOLS_VERSION=1.49.1 \
+    PYTHON_GRPCIO_VERSION=1.50.0 \
+    PYTHON_GRPCIO_TOOLS_VERSION=1.50.0 \
     /build-scripts/install-protobuf-tools.sh
\ No newline at end of file
diff --git a/sdk/python/lib/setup.py b/sdk/python/lib/setup.py
index b6addde69127..1eefaa8dc752 100644
--- a/sdk/python/lib/setup.py
+++ b/sdk/python/lib/setup.py
@@ -45,7 +45,7 @@ def readme():
       # Keep this list in sync with Pipfile
       install_requires=[
           'protobuf~=4.21',
-          'grpcio==1.47',
+          'grpcio==1.50',
           'dill~=0.3',
           'six~=1.12',
           'semver~=2.8',
diff --git a/sdk/python/requirements.txt b/sdk/python/requirements.txt
index 4f0f7a6452a9..220e281cddfe 100644
--- a/sdk/python/requirements.txt
+++ b/sdk/python/requirements.txt
@@ -1,7 +1,7 @@
 # Packages needed by the library.
 # Keep this list in sync with setup.py.
 protobuf~=4.21
-grpcio==1.47
+grpcio==1.50
 dill~=0.3
 six~=1.12
 semver~=2.8