diff --git a/.all-contributorsrc b/.all-contributorsrc
index da919087..435a9491 100644
--- a/.all-contributorsrc
+++ b/.all-contributorsrc
@@ -95,6 +95,24 @@
           "test"
         ]
       },
+      {
+        "login": "achieveordie",
+        "name": "Sagar Mishra",
+        "avatar_url": "https://avatars.githubusercontent.com/u/54197164?v=4",
+        "profile": "https://github.com/achieveordie",
+        "contributions": [
+          "doc"
+        ]
+      },
+      {
+        "login": "XinyuWuu",
+        "name": "Xinyu Wu",
+        "avatar_url": "https://avatars.githubusercontent.com/u/57612792?v=4",
+        "profile": "https://github.com/XinyuWuu",
+        "contributions": [
+          "code"
+        ]
+      },
       {
         "login": "szepeviktor",
         "name": "Viktor Szépe",
@@ -110,6 +128,7 @@
         "avatar_url": "https://avatars.githubusercontent.com/u/6976921?v=4",
         "profile": "https://github.com/Abelarm",
         "contributions": [
+          "bug",
           "code"
         ]
       }
diff --git a/README.md b/README.md
index dfcc78d4..62467d00 100644
--- a/README.md
+++ b/README.md
@@ -7,7 +7,7 @@
 `skbase` provides base classes for creating scikit-learn-like parametric objects,
 along with tools to make it easier to build your own packages that follow these design patterns.
 
-:rocket: Version 0.12.0 is now available. Check out our
+:rocket: Version 0.12.1 is now available. Check out our
 [release notes](https://skbase.readthedocs.io/en/latest/changelog.html).
 
 | Overview | |
diff --git a/docs/source/_static/switcher.json b/docs/source/_static/switcher.json
index 56b11a2c..dceb615b 100644
--- a/docs/source/_static/switcher.json
+++ b/docs/source/_static/switcher.json
@@ -5,7 +5,12 @@
     "url": "https://skbase.readthedocs.io/en/latest/"
   },
   {
-    "name": "0.12.0 (stable)",
+    "name": "0.12.1 (stable)",
+    "version": "stable",
+    "url": "https://skbase.readthedocs.io/en/v0.12.1/"
+  },
+  {
+    "name": "0.12.0",
     "version": "stable",
     "url": "https://skbase.readthedocs.io/en/v0.12.0/"
   },
diff --git a/docs/source/user_documentation/changelog.rst b/docs/source/user_documentation/changelog.rst
index d0192639..54f1fc6c 100644
--- a/docs/source/user_documentation/changelog.rst
+++ b/docs/source/user_documentation/changelog.rst
@@ -14,6 +14,29 @@ You can also subscribe to ``skbase``'s
 
 For planned changes and upcoming releases, see our :ref:`roadmap`.
 
+[0.12.1] - 2025-01-05
+=====================
+
+Minor release with maintenance updates, features, and bugfixes.
+
+Contents
+--------
+
+* [ENH] ``allow_empty`` option in ``_MetaObjectMixin._check_objects``
+  (:pr:`386`) :user:`fkiraly`
+* [ENH] sync dependency checker utilities with ``sktime`` (:pr:`388`) :user:`fkiraly`
+* [BUG] Accepting prereleases as valid python version (:pr:`389`) :user:`Abelarm`
+* [MNT] [Dependabot](deps): Bump ``codecov/codecov-action`` from ``4`` to ``5``
+  (:pr:`385`) :user:`dependabot`
+* [pre-commit.ci] pre-commit autoupdate (:pr:`387`) :user:`pre-commit-ci`
+
+Contributors
+------------
+
+:user:`Abelarm`,
+:user:`fkiraly`
+
+
 [0.12.0] - 2024-11-13
 =====================
 
diff --git a/pyproject.toml b/pyproject.toml
index 0bf6408a..1e99020a 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "scikit-base"
-version = "0.12.0"
+version = "0.12.1"
 description = "Base classes for sklearn-like parametric objects"
 authors = [
     {name = "sktime developers", email = "sktime.toolbox@gmail.com"},
diff --git a/skbase/__init__.py b/skbase/__init__.py
index 57c2a210..ea95d948 100644
--- a/skbase/__init__.py
+++ b/skbase/__init__.py
@@ -6,4 +6,4 @@
 The included functionality makes it easy to reuse scikit-learn and
 sktime design principles in your project.
 """
-__version__: str = "0.12.0"
+__version__: str = "0.12.1"