diff --git a/official/pip_package/setup.py b/official/pip_package/setup.py
index 7209b42ad21..a368986cf73 100644
--- a/official/pip_package/setup.py
+++ b/official/pip_package/setup.py
@@ -20,8 +20,8 @@
 from setuptools import find_packages
 from setuptools import setup
 
-version = '2.12.0'
-tf_version = '2.12.0'  # Major version.
+version = '2.12.1'
+tf_version = '2.12.1'  # Major version.
 
 project_name = 'tf-models-official'