diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index f7db62c89..04038ba6c 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -1,6 +1,23 @@
 Changelog
 =========
 
+1.2.1 (2023-10-25)
+------------------
+
+Bug fixes
+
+* Resolve errors occurring when dbt_project_path is str and partial support dbt_project_path=None by @MrBones757 in #605
+* Fix running dbt tests that depend on multiple models (support --indirect-selection buildable) by @david-mag in #613
+* Add tests to sources, snapshots and seeds when using TestBehavior.AFTER_EACH  by @tatiana in #599
+* Fix custom selector when select has a subset of tags of the models' tags by @david-mag in #606
+
+Others
+
+* Update contributing guide docs by @raffifu in #591
+* Fix running test that validates manifest-based DAGs by @tatiana in #619
+* pre-commit updates in #604 and #621
+
+
 1.2.0 (2023-10-13)
 ------------------
 
diff --git a/cosmos/__init__.py b/cosmos/__init__.py
index 38fc2e2f1..905600cde 100644
--- a/cosmos/__init__.py
+++ b/cosmos/__init__.py
@@ -5,7 +5,7 @@
 
 Contains dags, task groups, and operators.
 """
-__version__ = "1.2.0"
+__version__ = "1.2.1"
 
 from cosmos.airflow.dag import DbtDag
 from cosmos.airflow.task_group import DbtTaskGroup