diff --git a/NEWS b/NEWS
index 20b39af9e..8e6b5a389 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,31 @@
+3.12.1
+======
+* Ensure the currently focused app icon is viewable [Rui; #726759]
+* Improve language in location menu [Zeeshan; #726498]
+* Improve HiDpi support [Cosimo; #726907]
+* Set accessible role for window previews [Alejandro; #726670]
+* Fix bad antialiasing on panel menu buttons [Carlos; #727336]
+* Don't hide location menu [Zeeshan; #727398]
+* Fix IM candidate window obscuring current text [Rui; #727579]
+* Fix extension-prefs tool when linked with --as-needed [Florian; #727948]
+* Don't always extend struts to the screen edge [Florian; #663690]
+
+Contributors:
+  Zeeshan Ali (Khattak), Cosimo Cecchi, Piotr Drąg, Rui Matos, Simon McVittie,
+  Florian Müllner, Alejandro Piñeiro, Carlos Soriano
+
+Translations:
+  Khaled Hosny [ar], Piotr Drąg [pl], Yosef Or Boczko [he],
+  Antonio Fernandes C. Neto [pt_BR], Marek Černocký [cs], maria thukididu [el],
+  Andika Triwidada [id], Daniel Mustieles [es], Changwoo Ryu [ko],
+  Benjamin Steinwender [de], Sphinx Jiang [zh_CN],
+  Inaki Larranaga Murgoitio [eu], Marcus Lundblad [sv], Aurimas Černius [lt],
+  Stas Solovey [ru], Alexandre Franke [fr], Matej Urbančič [sl],
+  Fran Diéguez [gl], Pau Iranzo [ca], Luca Ferretti [it], Milo Casagrande [it],
+  Tiago S [pt], Victor Ibragimov [tg], Dirgita [id], Khoem Sokhem [km],
+  Rūdolfs Mazurs [lv], Balázs Úr [hu], Ask H. Larsen [da], Ikuya Awashiro [ja],
+  Мирослав Николић [sr, sr@latin]
+
 3.12.0
 ======
 * gdm: Reset greeter when coming back to login screen [Jasper; #726989]
diff --git a/configure.ac b/configure.ac
index 9a30e6506..abf15e29d 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,5 +1,5 @@
 AC_PREREQ(2.63)
-AC_INIT([gnome-shell],[3.12.0],[https://bugzilla.gnome.org/enter_bug.cgi?product=gnome-shell],[gnome-shell])
+AC_INIT([gnome-shell],[3.12.1],[https://bugzilla.gnome.org/enter_bug.cgi?product=gnome-shell],[gnome-shell])
 
 AC_CONFIG_HEADERS([config.h])
 AC_CONFIG_SRCDIR([src/shell-global.c])
@@ -76,7 +76,7 @@ AC_MSG_RESULT($enable_systemd)
 CLUTTER_MIN_VERSION=1.15.90
 GOBJECT_INTROSPECTION_MIN_VERSION=0.10.1
 GJS_MIN_VERSION=1.39.0
-MUTTER_MIN_VERSION=3.12.0
+MUTTER_MIN_VERSION=3.12.1
 GTK_MIN_VERSION=3.7.9
 GIO_MIN_VERSION=2.37.0
 LIBECAL_MIN_VERSION=3.5.3