diff --git a/CMakeLists.txt b/CMakeLists.txt
index 8c2057cee5..f75e4d8a55 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -5,7 +5,7 @@ if(NOT BINARY_NAME)
 endif()
 
 project(${BINARY_NAME}
-    VERSION 12.0
+    VERSION 12.1
 )
 
 if(CMAKE_SOURCE_DIR STREQUAL CMAKE_BINARY_DIR)
diff --git a/changelog.txt b/changelog.txt
index 739911c26e..29514b27b7 100644
--- a/changelog.txt
+++ b/changelog.txt
@@ -1,3 +1,22 @@
+12.1 (2021-11-08)
+------------------------------------------------------------------------
+Feature: Button to toggle showing advanced signal types (#9617)
+Change: Don't show screenshot GUI in screenshots (#9674)
+Change: Suppress panning in intro game, while user is interacting with the GUI (#9645)
+Change: Draw rotor in cursor when dragging helicopters in depots (#9612)
+Fix: Invalid memory access when loading a currency NewGRF (#9675)
+Fix #9579: Object and HQ construction is Construction cost, not Property Maintenance (#9673)
+Fix #9669: Ships exiting a blocked depot/lock could exit in the wrong direction (#9672)
+Fix: Every 16th client never reconnects after server restart (#9666)
+Fix #9643: Screenshots were always written as BMP files (#9644)
+Fix #9630: Intro game could zoom in/out more than allowed by settings (#9633)
+Fix #9626: Incorrect loading of script saved data (#9629)
+Fix: Emergency crash save had the wrong NewGRF list saved in it (#9627)
+Fix #9595: Always use plural forms of cargo for subsidy strings (#9619)
+Fix #9614: Refresh rate dropdown was still active when vsync was enabled (#9618)
+Fix: Don't use 'server address' string in server list when displaying an invite code (#9615)
+
+
 12.0 (2021-10-17)
 ------------------------------------------------------------------------
 Add: [Network] Keep the refresh button in lowered state while refreshing (#9600)