diff --git a/RELEASENOTES.md b/RELEASENOTES.md
index fc4915cd11..cfa9686a7e 100644
--- a/RELEASENOTES.md
+++ b/RELEASENOTES.md
@@ -1,12 +1,12 @@
 # Release notes
 
-### 2.12.3 (???-??-??) ###
+### 2.12.3 (2021-01-13) ###
 
 *   Core library:
-    *   Fix playback issues after seeking during an ad
-        ([#8349](https://github.com/google/ExoPlayer/issues/8349)).
     *   Fix `MediaCodecRenderer` issue where empty streams would fail to play in
         bypass mode ([#8374](https://github.com/google/ExoPlayer/issues/8374)).
+    *   Fix playback issues after seeking during an ad
+        ([#8349](https://github.com/google/ExoPlayer/issues/8349)).
     *   Fix propagation of `LoadErrorHandlingPolicy` from
         `DefaultMediaSourceFactory` into `SingleSampleMediaSource.Factory` when
         creating subtitle media sources from
@@ -18,21 +18,21 @@
         the back button, on API level 22 and earlier
         ([#8272](https://github.com/google/ExoPlayer/issues/8272)).
 *   Downloads:
-    *    Fix crash in `DownloadManager` that could occur when adding a stopped
-         download with the same ID as a download currently being removed
-         ([#8419](https://github.com/google/ExoPlayer/issues/8419)).
-*   IMA extension:
-    *   Fix a condition where playback can get stuck before an empty ad
-        ([#8205](https://github.com/google/ExoPlayer/issues/8205)).
-    *   Log a warning rather than throwing when reaching the end of the stream
-        with an ad playing but without ad media info
-        ([#8290](https://github.com/google/ExoPlayer/issues/8290)).
+    *   Fix crash in `DownloadManager` that could occur when adding a stopped
+        download with the same ID as a download currently being removed
+        ([#8419](https://github.com/google/ExoPlayer/issues/8419)).
 *   Text:
     *   Gracefully handle null-terminated subtitle content in Matroska
         containers.
     *   Fix CEA-708 anchor positioning
         ([#1807](https://github.com/google/ExoPlayer/issues/1807)).
-*   Media2 extension
+*   IMA extension:
+    *   Fix a condition where playback could get stuck before an empty ad
+        ([#8205](https://github.com/google/ExoPlayer/issues/8205)).
+    *   Log a warning rather than throwing when reaching the end of the stream
+        with an ad playing but without ad media info
+        ([#8290](https://github.com/google/ExoPlayer/issues/8290)).
+*   Media2 extension:
     *   Make media2-extension depend on AndroidX media2:media2-session:1.1.0 to
         fix a deadlock while creating PlaybackStateCompat internally.
         ([#8011](https://github.com/google/ExoPlayer/issues/8011)).
@@ -96,7 +96,7 @@
 *   Media2 extension:
     *   Notify onBufferingEnded when the state of origin player becomes
         `STATE_IDLE` or `STATE_ENDED`.
-    *   Allow to remove all playlist items that makes the player reset.
+    *   Allow to remove all playlist items that makes the player reset
         ([#8047](https://github.com/google/ExoPlayer/issues/8047)).
 
 ### 2.12.1 (2020-10-23) ###
diff --git a/constants.gradle b/constants.gradle
index 769f595b6d..50ce661b9a 100644
--- a/constants.gradle
+++ b/constants.gradle
@@ -13,8 +13,8 @@
 // limitations under the License.
 project.ext {
     // ExoPlayer version and version code.
-    releaseVersion = '2.12.2'
-    releaseVersionCode = 2012002
+    releaseVersion = '2.12.3'
+    releaseVersionCode = 2012003
     minSdkVersion = 16
     appTargetSdkVersion = 29
     targetSdkVersion = 28 // TODO: Bump once b/143232359 is resolved. Also fix TODOs in UtilTest.
diff --git a/library/common/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java b/library/common/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
index 0caa3d50df..aadf3bd0a4 100644
--- a/library/common/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
+++ b/library/common/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
@@ -30,11 +30,11 @@ public final class ExoPlayerLibraryInfo {
 
   /** The version of the library expressed as a string, for example "1.2.3". */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION_INT) or vice versa.
-  public static final String VERSION = "2.12.2";
+  public static final String VERSION = "2.12.3";
 
   /** The version of the library expressed as {@code "ExoPlayerLib/" + VERSION}. */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION) or vice versa.
-  public static final String VERSION_SLASHY = "ExoPlayerLib/2.12.2";
+  public static final String VERSION_SLASHY = "ExoPlayerLib/2.12.3";
 
   /**
    * The version of the library expressed as an integer, for example 1002003.
@@ -44,7 +44,7 @@ public final class ExoPlayerLibraryInfo {
    * integer version 123045006 (123-045-006).
    */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION) or vice versa.
-  public static final int VERSION_INT = 2012002;
+  public static final int VERSION_INT = 2012003;
 
   /** The default user agent for requests made by the library. */
   public static final String DEFAULT_USER_AGENT =