diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3b3d284d..4a2afb0c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@ CHANGELOG
 =========
 
 ## HEAD (unreleased)
+
+## 1.12.1 (2023-05-19)
 - Update to [Pulumi SDK v3.68.0](https://github.com/pulumi/pulumi/releases/tag/v3.68.0) and the base
   image of the same version.
 
diff --git a/deploy/deploy-operator-cs/MyStack.cs b/deploy/deploy-operator-cs/MyStack.cs
index 6bc4ca6d..0d8d8748 100644
--- a/deploy/deploy-operator-cs/MyStack.cs
+++ b/deploy/deploy-operator-cs/MyStack.cs
@@ -7,8 +7,8 @@
 
 class MyStack : Stack
 {
-    public const string DefaultCRDVersion = "v1.12.0";
-    public const string DefaultOperatorVersion = "v1.12.0";
+    public const string DefaultCRDVersion = "v1.12.1";
+    public const string DefaultOperatorVersion = "v1.12.1";
 
     public MyStack()
     {
diff --git a/deploy/deploy-operator-go/main.go b/deploy/deploy-operator-go/main.go
index 61df48a6..76d623ef 100644
--- a/deploy/deploy-operator-go/main.go
+++ b/deploy/deploy-operator-go/main.go
@@ -12,8 +12,8 @@ import (
 	"github.com/pulumi/pulumi/sdk/v3/go/pulumi/config"
 )
 
-const DefaultCRDVersion = "v1.12.0"
-const DefaultOperatorVersion = "v1.12.0"
+const DefaultCRDVersion = "v1.12.1"
+const DefaultOperatorVersion = "v1.12.1"
 
 func main() {
 	pulumi.Run(func(ctx *pulumi.Context) error {
diff --git a/deploy/deploy-operator-py/__main__.py b/deploy/deploy-operator-py/__main__.py
index a6ad0e50..240c22d6 100644
--- a/deploy/deploy-operator-py/__main__.py
+++ b/deploy/deploy-operator-py/__main__.py
@@ -2,8 +2,8 @@
 from pulumi.resource import ResourceOptions
 import pulumi_kubernetes as kubernetes
 
-DEFAULT_CRD_VERSION = "v1.12.0"
-DEFAULT_OPERATOR_VERSION = "v1.12.0"
+DEFAULT_CRD_VERSION = "v1.12.1"
+DEFAULT_OPERATOR_VERSION = "v1.12.1"
 
 conf = pulumi.Config()
 namespace = conf.get("namespace", "default")
diff --git a/deploy/deploy-operator-ts/index.ts b/deploy/deploy-operator-ts/index.ts
index cffd95bb..b619bff8 100644
--- a/deploy/deploy-operator-ts/index.ts
+++ b/deploy/deploy-operator-ts/index.ts
@@ -1,8 +1,8 @@
 import * as pulumi from "@pulumi/pulumi";
 import * as kubernetes from "@pulumi/kubernetes";
 
-const defaultCRDVersion = "v1.12.0";
-const defaultOperatorVersion = "v1.12.0";
+const defaultCRDVersion = "v1.12.1";
+const defaultOperatorVersion = "v1.12.1";
 
 const config = new pulumi.Config();
 const deployNamespace = config.get("namespace") || 'default';
diff --git a/deploy/yaml/operator.yaml b/deploy/yaml/operator.yaml
index 4df012c5..d56d3184 100644
--- a/deploy/yaml/operator.yaml
+++ b/deploy/yaml/operator.yaml
@@ -20,7 +20,7 @@ spec:
           emptyDir: {}
       containers:
         - name: pulumi-kubernetes-operator
-          image: pulumi/pulumi-kubernetes-operator:v1.12.0
+          image: pulumi/pulumi-kubernetes-operator:v1.12.1
           args:
             - "--zap-level=error"
             - "--zap-time-encoding=iso8601"