diff --git a/docs/community/release-notes.md b/docs/community/release-notes.md
index b9bccc3ac..a300162aa 100644
--- a/docs/community/release-notes.md
+++ b/docs/community/release-notes.md
@@ -36,6 +36,12 @@ You can determine your currently installed version using `pip show`:
 
 ## 3.11.x series
 
+### 3.12.1
+
+Date: 28th September 2020
+
+* Add `TokenProxy` migration. [#7557]
+
 ### 3.12.0
 
 Date: 28th September 2020
diff --git a/rest_framework/__init__.py b/rest_framework/__init__.py
index afb2d3429..cd35f7a04 100644
--- a/rest_framework/__init__.py
+++ b/rest_framework/__init__.py
@@ -8,7 +8,7 @@ ______ _____ _____ _____    __
 """
 
 __title__ = 'Django REST framework'
-__version__ = '3.12.0'
+__version__ = '3.12.1'
 __author__ = 'Tom Christie'
 __license__ = 'BSD 3-Clause'
 __copyright__ = 'Copyright 2011-2019 Encode OSS Ltd'