diff --git a/_service b/_service
index 777bd52..a4cac3e 100644
--- a/_service
+++ b/_service
@@ -3,7 +3,7 @@
   <service name="obs_scm" mode="manual">
     <param name="url">https://gitlab.gnome.org/GNOME/libadwaita.git</param>
     <param name="scm">git</param>
-    <param name="revision">refs/tags/1.2.0</param>
+    <param name="revision">refs/tags/1.2.1</param>
     <param name="versionformat">@PARENT_TAG@+@TAG_OFFSET@</param>
     <param name="versionrewrite-pattern">(.*)\+0</param>
     <param name="versionrewrite-replacement">\1</param>
diff --git a/libadwaita-1.2.0.obscpio b/libadwaita-1.2.0.obscpio
deleted file mode 100644
index 01e3b8e..0000000
--- a/libadwaita-1.2.0.obscpio
+++ /dev/null
@@ -1,3 +0,0 @@
-version https://git-lfs.github.com/spec/v1
-oid sha256:454c6ee87040d4f2200c711e945b07c4dacc5fd45e254a4a3e3654072a4908ad
-size 5031948
diff --git a/libadwaita-1.2.1.obscpio b/libadwaita-1.2.1.obscpio
new file mode 100644
index 0000000..9095f53
--- /dev/null
+++ b/libadwaita-1.2.1.obscpio
@@ -0,0 +1,3 @@
+version https://git-lfs.github.com/spec/v1
+oid sha256:fc5dcfac4c3f1de23ade85aa4e1f651fc7c24ee99c7120721725ec62ef722e78
+size 5073420
diff --git a/libadwaita.changes b/libadwaita.changes
index febb871..b826212 100644
--- a/libadwaita.changes
+++ b/libadwaita.changes
@@ -1,3 +1,29 @@
+-------------------------------------------------------------------
+Fri Jan  6 19:16:10 UTC 2023 - Bjørn Lie <bjorn.lie@gmail.com>
+
+- Update to version 1.2.1:
+  + AdwActionRow: Fix spacing after removing all prefixes/suffixes
+  + AdwAvatar: Correctly redraw on custom image changes
+  + AdwEntryRow:
+    - Respect use-markup property
+    - Fix error/warning/success styles
+    - Fix spacing after removing all prefixes/suffixes
+  + AdwExpanderRow: Fix spacing after removing all
+    prefixes/suffixes
+  + AdwFlap: Fix natural width with fold-policy=never
+  + AdwMessageDialog: Fix focus styles in RTL
+  + AdwPreferencesWindow: Fix a memory leak
+  + AdwSplitButton: Don't make dropdown insensitive when the button
+    is
+  + AdwTabBar:
+    - Fix focus handling
+    - Fix autoscroll for non-local drags
+  + AdwToastOverlay: Clarify documentation
+  + AdwViewSwitcherBar: Fix typos in examples
+  + AdwViewSwitcherTitle: Fix typos in examples
+  + Stylesheet: Fix GtkSpinButton inside toolbars
+  + Updated translations.
+
 -------------------------------------------------------------------
 Thu Sep 15 14:33:50 UTC 2022 - Bjørn Lie <bjorn.lie@gmail.com>
 
diff --git a/libadwaita.obsinfo b/libadwaita.obsinfo
index f0e26b7..0431cd7 100644
--- a/libadwaita.obsinfo
+++ b/libadwaita.obsinfo
@@ -1,4 +1,4 @@
 name: libadwaita
-version: 1.2.0
-mtime: 1663202494
-commit: a905117bd2150de9e85d65f8cdce8d8fb001b89e
+version: 1.2.1
+mtime: 1673015390
+commit: 3335e58f92bdef8c63cbca3ba92a24f670b2a80b
diff --git a/libadwaita.spec b/libadwaita.spec
index 4c78b43..cc2bc60 100644
--- a/libadwaita.spec
+++ b/libadwaita.spec
@@ -1,7 +1,7 @@
 #
 # spec file for package libadwaita
 #
-# Copyright (c) 2022 SUSE LLC
+# Copyright (c) 2023 SUSE LLC
 #
 # All modifications and additions to the file contributed by third parties
 # remain the property of their copyright owners, unless otherwise agreed
@@ -17,7 +17,7 @@
 
 
 Name:           libadwaita
-Version:        1.2.0
+Version:        1.2.1
 Release:        0
 Summary:        Building blocks for modern GNOME applications
 License:        LGPL-2.1-or-later