diff --git a/History.rdoc b/History.rdoc
index e803bfaab..2ae9ba762 100644
--- a/History.rdoc
+++ b/History.rdoc
@@ -1,3 +1,21 @@
+=== 12.3.1
+
+==== Bug fixes
+
+* Support did_you_mean >= v1.2.0 which has a breaking change on formatters.
+  Pull request #262 by FUJI Goro.
+
+==== Enhancements:
+
+* Don't run task if it depends on already invoked but failed task.
+  Pull request #252 by Gonzalo Rodriguez.
+* Make space trimming consistent for all task arguments.
+  Pull request #259 by Gonzalo Rodriguez.
+* Removes duplicated inclusion of Rake::DSL in tests.
+  Pull request #254 by Gonzalo Rodriguez.
+* Re-raise a LoadError that didn't come from require in the test loader.
+  Pull request #250 by Dylan Thacker-Smith.
+
 === 12.3.0
 
 ==== Compatibility Changes
diff --git a/lib/rake/version.rb b/lib/rake/version.rb
index 873083bb2..2d66a8f74 100644
--- a/lib/rake/version.rb
+++ b/lib/rake/version.rb
@@ -1,6 +1,6 @@
 # frozen_string_literal: true
 module Rake
-  VERSION = "12.3.0"
+  VERSION = "12.3.1"
 
   module Version # :nodoc: all
     MAJOR, MINOR, BUILD, *OTHER = Rake::VERSION.split "."