diff --git a/CMakeLists.txt b/CMakeLists.txt
index 5e3345da4..cd04b9745 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -163,7 +163,7 @@ project(freetype C)
 
 set(VERSION_MAJOR "2")
 set(VERSION_MINOR "12")
-set(VERSION_PATCH "0")
+set(VERSION_PATCH "1")
 
 # Generate LIBRARY_VERSION and LIBRARY_SOVERSION.
 set(LIBTOOL_REGEX "version_info='([0-9]+):([0-9]+):([0-9]+)'")
diff --git a/README b/README
index a33cb11aa..7a8a2dced 100644
--- a/README
+++ b/README
@@ -1,4 +1,4 @@
-FreeType 2.12.0
+FreeType 2.12.1
 ===============
 
 Homepage: https://www.freetype.org
@@ -30,9 +30,9 @@ sites.  Go to
 
 and download one of the following files.
 
-  freetype-doc-2.12.0.tar.xz
-  freetype-doc-2.12.0.tar.gz
-  ftdoc2120.zip
+  freetype-doc-2.12.1.tar.xz
+  freetype-doc-2.12.1.tar.gz
+  ftdoc2121.zip
 
 To view the documentation online, go to
 
diff --git a/builds/unix/configure.raw b/builds/unix/configure.raw
index f4cb228b5..fb943fd2a 100644
--- a/builds/unix/configure.raw
+++ b/builds/unix/configure.raw
@@ -17,7 +17,7 @@ AC_CONFIG_SRCDIR([ftconfig.h.in])
 
 # Don't forget to update `docs/VERSIONS.TXT'!
 
-version_info='24:2:18'
+version_info='24:3:18'
 AC_SUBST([version_info])
 ft_version=`echo $version_info | tr : .`
 AC_SUBST([ft_version])
diff --git a/builds/wince/vc2005-ce/index.html b/builds/wince/vc2005-ce/index.html
index 2289c76b8..0b711ff90 100644
--- a/builds/wince/vc2005-ce/index.html
+++ b/builds/wince/vc2005-ce/index.html
@@ -21,7 +21,7 @@ the following targets:
   <li>PPC/SP WM6 (Windows Mobile 6)</li>
 </ul>
 
-It compiles the following libraries from the FreeType 2.12.0 sources:</p>
+It compiles the following libraries from the FreeType 2.12.1 sources:</p>
 
 <ul>
   <pre>
diff --git a/builds/wince/vc2008-ce/index.html b/builds/wince/vc2008-ce/index.html
index de0f34058..23f06ba03 100644
--- a/builds/wince/vc2008-ce/index.html
+++ b/builds/wince/vc2008-ce/index.html
@@ -21,7 +21,7 @@ the following targets:
   <li>PPC/SP WM6 (Windows Mobile 6)</li>
 </ul>
 
-It compiles the following libraries from the FreeType 2.12.0 sources:</p>
+It compiles the following libraries from the FreeType 2.12.1 sources:</p>
 
 <ul>
   <pre>
diff --git a/builds/windows/vc2010/index.html b/builds/windows/vc2010/index.html
index 02b9c1b30..904d5e9b6 100644
--- a/builds/windows/vc2010/index.html
+++ b/builds/windows/vc2010/index.html
@@ -12,7 +12,7 @@
 <p>This directory contains solution and project files for
 Visual&nbsp;C++&nbsp;2010 or newer, named <tt>freetype.sln</tt>,
 and <tt>freetype.vcxproj</tt>.  It compiles the following libraries
-from the FreeType 2.12.0 sources:</p>
+from the FreeType 2.12.1 sources:</p>
 
 <ul>
   <li>freetype.dll using 'Release' or 'Debug' configurations</li>
diff --git a/builds/windows/visualc/index.html b/builds/windows/visualc/index.html
index 0dabfe2b9..fdced23da 100644
--- a/builds/windows/visualc/index.html
+++ b/builds/windows/visualc/index.html
@@ -12,7 +12,7 @@
 <p>This directory contains project files <tt>freetype.dsp</tt> for
 Visual C++ 6.0, and <tt>freetype.vcproj</tt> for Visual C++ 2002
 through 2008, which you might need to upgrade automatically.
-It compiles the following libraries from the FreeType 2.12.0 sources:</p>
+It compiles the following libraries from the FreeType 2.12.1 sources:</p>
 
 <ul>
   <li>freetype.dll using 'Release' or 'Debug' configurations</li>
diff --git a/builds/windows/visualce/index.html b/builds/windows/visualce/index.html
index d11978e37..579edb56b 100644
--- a/builds/windows/visualce/index.html
+++ b/builds/windows/visualce/index.html
@@ -21,7 +21,7 @@ the following targets:
   <li>PPC/SP WM6 (Windows Mobile 6)</li>
 </ul>
 
-It compiles the following libraries from the FreeType 2.12.0 sources:</p>
+It compiles the following libraries from the FreeType 2.12.1 sources:</p>
 
 <ul>
   <pre>
diff --git a/docs/CHANGES b/docs/CHANGES
index 0f2d83b69..3ad7ec433 100644
--- a/docs/CHANGES
+++ b/docs/CHANGES
@@ -1,3 +1,33 @@
+CHANGES BETWEEN 2.12.0 and 2.12.1
+
+  I. IMPORTANT BUG FIXES
+
+  - Loading CFF fonts sometimes made FreeType crash (bug introduced in
+    version 2.12.0)
+
+  - Loading  a fully  hinted  TrueType glyph  a  second time  (without
+    caching) sometimes yielded different rendering results if TrueType
+    hinting was active (bug introduced in version 2.12.0).
+
+  - The generation of the pkg-config file `freetype2.pc` was broken if
+    the build was done with cmake (bug introduced in version 2.12.0).
+
+
+  II. MISCELLANEOUS
+
+  - New option `--with-librsvg` for  the `configure` script for better
+    FreeType demo support.
+
+  - The  meson  build  no  longer enforces  both  static  and  dynamic
+    versions of the library by default.
+
+  - The internal  zlib library was  updated to version  1.2.12.  Note,
+    however, that  FreeType is *not* affected  by CVE-2018-25032 since
+    it only does decompression.
+
+
+======================================================================
+
 CHANGES BETWEEN 2.11.1 and 2.12.0
 
   I. IMPORTANT CHANGES
diff --git a/docs/VERSIONS.TXT b/docs/VERSIONS.TXT
index d2d0b3ad5..82dda0f26 100644
--- a/docs/VERSIONS.TXT
+++ b/docs/VERSIONS.TXT
@@ -60,6 +60,7 @@ found on _most_ systems, but not all of them:
 
     release     libtool     so
   -------------------------------
+     2.12.1     24.3.18   6.18.3
      2.12.0     24.2.18   6.18.2
      2.11.1     24.1.18   6.18.1
      2.11.0     24.0.18   6.18.0
diff --git a/docs/freetype-config.1 b/docs/freetype-config.1
index a735f4896..ca067fc36 100644
--- a/docs/freetype-config.1
+++ b/docs/freetype-config.1
@@ -1,4 +1,4 @@
-.TH FREETYPE-CONFIG 1 "March 2022" "FreeType 2.12.0"
+.TH FREETYPE-CONFIG 1 "May 2022" "FreeType 2.12.1"
 .
 .
 .SH NAME
diff --git a/include/freetype/freetype.h b/include/freetype/freetype.h
index 0ecd15a35..aa1a4fe38 100644
--- a/include/freetype/freetype.h
+++ b/include/freetype/freetype.h
@@ -4942,7 +4942,7 @@ FT_BEGIN_HEADER
    */
 #define FREETYPE_MAJOR  2
 #define FREETYPE_MINOR  12
-#define FREETYPE_PATCH  0
+#define FREETYPE_PATCH  1
 
 
   /**************************************************************************
diff --git a/src/base/ftver.rc b/src/base/ftver.rc
index 2d0cb416b..eb6090ecc 100644
--- a/src/base/ftver.rc
+++ b/src/base/ftver.rc
@@ -18,8 +18,8 @@
 
 #include<windows.h>
 
-#define FT_VERSION      2,12,0,0
-#define FT_VERSION_STR  "2.12.0"
+#define FT_VERSION      2,12,1,0
+#define FT_VERSION_STR  "2.12.1"
 
 VS_VERSION_INFO      VERSIONINFO
 FILEVERSION          FT_VERSION