Chrysalis is the debut extended play by South Korean girl group I.O.I, a special group created through the 2016 Mnet survival show, Produce 101, composed of eleven trainees from different entertainment companies that will promote for a year under YMC Entertainment. The album was released digitally on May 4, 2016 and physically on May 9 with the single "Dream Girls" in two versions, a standard edition and a special edition.

The mini-album was a commercial success peaking at number 4 on the Gaon Album Chart. The EP sold 74,554 physical copies in 2016.

In November 2015, Mnet announced a new survival show where 101 girl group trainees will compete to be in the Top 11 that would eventually form the group I.O.I. Produce 101 ended on April 1, 2016 and the group immediately started preparations for their debut, starting with recording their own version of the song "Crush", a song produced by Ryan S. Jhun and was performed by the Top 22 of Produce 101 on the show's finale, initially intended to be the group's debut song before YMC Entertainment postponed their debut and announced that they will be recording a different song as the title track of their debut album.

On April 11, YMC Entertainment announced that the group will release the album on May 4 and will hold a debut showcase and a fan meeting on the following day at Jangchung Gymnasium. On April 27, the mini-album title was revealed to be Chrysalis. The group's 2-episode reality show Standby I.O.I showed the group's preparations for the album, from recording their songs including the title track "Dream Girls", to practicing the choreography for the songs and filming the music video. During the showcase held on May 5, it was revealed that member Kim Se-jeong came up with the album title.

On May 5, the group held their first media showcase where the girls discussed their album and performed their new songs for the first time including the title track "Dream Girls". They also performed songs from Produce 101 such as "24 Hours" and "Yum-Yum". The group also performed their own version of "Pick Me", "Crush" and "When the Cherry Blossoms Fade", all of which are included in their new album. On the same day, they made their official debut on M! Countdown, performing both "Knock Knock Knock" and "Dream Girls". On May 10, they appeared on The Show performing both, "When the Cherry Blossoms Fade" and "Dream Girls". Due to conflict of interest, the group did not perform on the music shows of three major Korean networks, being KBS, MBC and SBS. On May 20, the group made their first appearance on a non-cable television music show on Music Bank. Its producer, Won Seung Yeon, stated that the group "is always a hot topic and does well in whatever they do" and that "there was no real reason to exclude them". Previously, the girls had also been excluded from being nominated on the three channels' music shows.

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