diff --git a/.ci/bwcVersions b/.ci/bwcVersions
index 890beb10368d1..2053bbed47c62 100644
--- a/.ci/bwcVersions
+++ b/.ci/bwcVersions
@@ -81,3 +81,4 @@ BWC_VERSION:
   - "1.2.0"
   - "1.2.1"
   - "1.2.2"
+  - "1.2.3"
diff --git a/buildSrc/version.properties b/buildSrc/version.properties
index 1bb430d2b6a5f..1f599de2fa1f4 100644
--- a/buildSrc/version.properties
+++ b/buildSrc/version.properties
@@ -1,4 +1,4 @@
-opensearch        = 1.2.3
+opensearch        = 1.2.4
 lucene            = 8.10.1
 
 bundled_jdk_vendor = adoptopenjdk
diff --git a/server/src/main/java/org/opensearch/Version.java b/server/src/main/java/org/opensearch/Version.java
index 019de4aa00264..01eeed33ce237 100644
--- a/server/src/main/java/org/opensearch/Version.java
+++ b/server/src/main/java/org/opensearch/Version.java
@@ -78,7 +78,8 @@ public class Version implements Comparable<Version>, ToXContentFragment {
     public static final Version V_1_2_1 = new Version(1020199, org.apache.lucene.util.Version.LUCENE_8_10_1);
     public static final Version V_1_2_2 = new Version(1020299, org.apache.lucene.util.Version.LUCENE_8_10_1);
     public static final Version V_1_2_3 = new Version(1020399, org.apache.lucene.util.Version.LUCENE_8_10_1);
-    public static final Version CURRENT = V_1_2_3;
+    public static final Version V_1_2_4 = new Version(1020499, org.apache.lucene.util.Version.LUCENE_8_10_1);
+    public static final Version CURRENT = V_1_2_4;
 
     public static Version readVersion(StreamInput in) throws IOException {
         return fromId(in.readVInt());