diff --git a/changelog.md b/changelog.md
index c7eaf4eae5f1..1c96156e7b89 100644
--- a/changelog.md
+++ b/changelog.md
@@ -1,3 +1,96 @@
+<a name="12.1.0"></a>
+# 12.1.0 (2024-06-18)
+[Full Changelog](/~https://github.com/GoogleChrome/lighthouse/compare/v12.0.0...v12.1.0)
+
+We expect this release to ship in the DevTools of [Chrome 128](https://chromiumdash.appspot.com/schedule), and to PageSpeed Insights within 2 weeks.
+
+## New Contributors
+
+Thanks to our new contributors 👽🐷🐰🐯🐻!
+
+- Hamir Mahal @hamirmahal
+- angad-sethi @angad-sethi
+- Junaid Ramzan @ajuni880
+
+## Notable Changes
+
+* remove first-meaningful-paint metric ([#16047](/~https://github.com/GoogleChrome/lighthouse/pull/16047))
+
+## Core
+
+* move simulator creation and network analysis to lib/lantern ([#16003](/~https://github.com/GoogleChrome/lighthouse/pull/16003))
+* handle target crash at any point ([#15985](/~https://github.com/GoogleChrome/lighthouse/pull/15985))
+* aria-allowed-role: fix title and description ([#16042](/~https://github.com/GoogleChrome/lighthouse/pull/16042))
+* inspector-issues: add shared dictionary issue ([#15993](/~https://github.com/GoogleChrome/lighthouse/pull/15993))
+* lantern: refactor to DevTools modules convention ([#16071](/~https://github.com/GoogleChrome/lighthouse/pull/16071))
+* lantern: rename files to PascalCase ([#16068](/~https://github.com/GoogleChrome/lighthouse/pull/16068))
+* lantern: remove last usages of Lighthouse NetworkRequest ([#16067](/~https://github.com/GoogleChrome/lighthouse/pull/16067))
+* lantern: remove usage of Lighthouse constants module ([#16062](/~https://github.com/GoogleChrome/lighthouse/pull/16062))
+* lantern: remove all LH types ([#16061](/~https://github.com/GoogleChrome/lighthouse/pull/16061))
+* lantern: move tbt-util.js to lib/lantern ([#16058](/~https://github.com/GoogleChrome/lighthouse/pull/16058))
+* lantern: separate TraceEngine specific code ([#16051](/~https://github.com/GoogleChrome/lighthouse/pull/16051))
+* lantern: extract main thread events w/o TraceProcessor ([#16049](/~https://github.com/GoogleChrome/lighthouse/pull/16049))
+* lantern: remove usage of Lighthouse's ProcessedNavigation ([#16048](/~https://github.com/GoogleChrome/lighthouse/pull/16048))
+* lantern: use LCP instead of FMP for TTI simulation bounds ([#16046](/~https://github.com/GoogleChrome/lighthouse/pull/16046))
+* lantern: use computed artifact to create graph using trace ([#16040](/~https://github.com/GoogleChrome/lighthouse/pull/16040))
+* lantern: rename NetworkRequest record to rawRequest ([#16037](/~https://github.com/GoogleChrome/lighthouse/pull/16037))
+* lantern: resolve some differences when using trace ([#16033](/~https://github.com/GoogleChrome/lighthouse/pull/16033))
+* lantern: create network graph from trace (experimental) ([#16026](/~https://github.com/GoogleChrome/lighthouse/pull/16026))
+* network: align headers end time with send when no data received ([#16044](/~https://github.com/GoogleChrome/lighthouse/pull/16044))
+* network: fix time units in network quiet calc ([#16013](/~https://github.com/GoogleChrome/lighthouse/pull/16013))
+* test: add generatable squoosh trace ([#15997](/~https://github.com/GoogleChrome/lighthouse/pull/15997))
+* test: add generatable trace for paint metrics ([#15994](/~https://github.com/GoogleChrome/lighthouse/pull/15994))
+* test: add generatable iframe trace ([#15995](/~https://github.com/GoogleChrome/lighthouse/pull/15995))
+* types: add missing fields to `Result.Category` and `NodeDetails` ([#16006](/~https://github.com/GoogleChrome/lighthouse/pull/16006))
+
+## CLI
+
+* stop treating chrome launcher kill() as async ([#15998](/~https://github.com/GoogleChrome/lighthouse/pull/15998))
+
+## Deps
+
+* upgrade puppeteer to 22.11.1 ([#16070](/~https://github.com/GoogleChrome/lighthouse/pull/16070))
+* upgrade `chrome-launcher` to 1.1.2 ([#16069](/~https://github.com/GoogleChrome/lighthouse/pull/16069))
+* upgrade puppeteer to 22.10.0 ([#16054](/~https://github.com/GoogleChrome/lighthouse/pull/16054))
+* upgrade `third-party-web` to 0.24.3 ([#16055](/~https://github.com/GoogleChrome/lighthouse/pull/16055))
+* upgrade `axe-core` to 4.9.1 ([#16056](/~https://github.com/GoogleChrome/lighthouse/pull/16056))
+
+## I18n
+
+* import ([#16080](/~https://github.com/GoogleChrome/lighthouse/pull/16080))
+
+## Docs
+
+* remove await from chrome.kill() ([#15982](/~https://github.com/GoogleChrome/lighthouse/pull/15982))
+
+## Tests
+
+* use newer traces in network-analyzer-test.js ([#16043](/~https://github.com/GoogleChrome/lighthouse/pull/16043))
+* default to 0 for network trace data length ([#16041](/~https://github.com/GoogleChrome/lighthouse/pull/16041))
+* update remaining old traces for Lantern ([#16039](/~https://github.com/GoogleChrome/lighthouse/pull/16039))
+* use new trace in metrics-test for pwa ([#16025](/~https://github.com/GoogleChrome/lighthouse/pull/16025))
+* update many test traces, support .json.gz ([#16007](/~https://github.com/GoogleChrome/lighthouse/pull/16007))
+* add timeout to runSmokeTest ([#16017](/~https://github.com/GoogleChrome/lighthouse/pull/16017))
+* fix devtools e2e test runner ([#16018](/~https://github.com/GoogleChrome/lighthouse/pull/16018))
+* reduce expected value of render-blocking-requests smoke ([#16011](/~https://github.com/GoogleChrome/lighthouse/pull/16011))
+* update interactive test trace ([#16001](/~https://github.com/GoogleChrome/lighthouse/pull/16001))
+* use new button class name for devtools run script ([#15999](/~https://github.com/GoogleChrome/lighthouse/pull/15999))
+* ci: remove reference to deleted smoke test ([#16010](/~https://github.com/GoogleChrome/lighthouse/pull/16010))
+* lantern: fix some tests not running ([#16073](/~https://github.com/GoogleChrome/lighthouse/pull/16073))
+* lantern: refactor to DevTools test convention ([#16072](/~https://github.com/GoogleChrome/lighthouse/pull/16072))
+* lantern: remove usage of devtoolsLog in simulator tests ([#16065](/~https://github.com/GoogleChrome/lighthouse/pull/16065))
+* lantern: remove usage of computed SpeedIndex ([#16064](/~https://github.com/GoogleChrome/lighthouse/pull/16064))
+* lantern: remove usage of computed PageDependencyGraph ([#16063](/~https://github.com/GoogleChrome/lighthouse/pull/16063))
+* lantern: use TraceEngine directly in test fixtures ([#16057](/~https://github.com/GoogleChrome/lighthouse/pull/16057))
+* lantern: remove Speedline from Lantern unit test for now ([#16060](/~https://github.com/GoogleChrome/lighthouse/pull/16060))
+* lantern: remove devtools log from tests ([#16050](/~https://github.com/GoogleChrome/lighthouse/pull/16050))
+
+## Misc
+
+* change connectionId from string to number ([#15983](/~https://github.com/GoogleChrome/lighthouse/pull/15983))
+* ci: fix deprecated node usage in checkout@v3 ([#16022](/~https://github.com/GoogleChrome/lighthouse/pull/16022))
+* strings: fix WebAuthetication typo ([#16028](/~https://github.com/GoogleChrome/lighthouse/pull/16028))
+
 <a name="12.0.0"></a>
 # 12.0.0 (2024-04-22)
 [Full Changelog](/~https://github.com/GoogleChrome/lighthouse/compare/v11.7.1...v12.0.0)
diff --git a/core/test/fixtures/user-flows/reports/sample-flow-result.json b/core/test/fixtures/user-flows/reports/sample-flow-result.json
index 67564f8e1d3b..c6ff0b94bb24 100644
--- a/core/test/fixtures/user-flows/reports/sample-flow-result.json
+++ b/core/test/fixtures/user-flows/reports/sample-flow-result.json
@@ -2,7 +2,7 @@
   "steps": [
     {
       "lhr": {
-        "lighthouseVersion": "12.0.0",
+        "lighthouseVersion": "12.1.0",
         "requestedUrl": "https://www.mikescerealshack.co/",
         "mainDocumentUrl": "https://www.mikescerealshack.co/",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/",
@@ -8335,7 +8335,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.0.0",
+        "lighthouseVersion": "12.1.0",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/search?q=call+of+duty",
         "fetchTime": "2024-04-18T17:03:07.290Z",
         "gatherMode": "timespan",
@@ -12298,7 +12298,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.0.0",
+        "lighthouseVersion": "12.1.0",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/search?q=call+of+duty",
         "fetchTime": "2024-04-18T17:03:17.899Z",
         "gatherMode": "snapshot",
@@ -17694,7 +17694,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.0.0",
+        "lighthouseVersion": "12.1.0",
         "requestedUrl": "https://www.mikescerealshack.co/corrections",
         "mainDocumentUrl": "https://www.mikescerealshack.co/corrections",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/corrections",
diff --git a/core/test/results/sample_v2.json b/core/test/results/sample_v2.json
index ff89d0baf1d8..45d72c5c06ee 100644
--- a/core/test/results/sample_v2.json
+++ b/core/test/results/sample_v2.json
@@ -1,5 +1,5 @@
 {
-  "lighthouseVersion": "12.0.0",
+  "lighthouseVersion": "12.1.0",
   "requestedUrl": "http://localhost:10200/dobetterweb/dbw_tester.html",
   "mainDocumentUrl": "http://localhost:10200/dobetterweb/dbw_tester.html",
   "finalDisplayedUrl": "http://localhost:10200/dobetterweb/dbw_tester.html",
diff --git a/docs/plugins.md b/docs/plugins.md
index b33074759274..d490cb0f7d19 100644
--- a/docs/plugins.md
+++ b/docs/plugins.md
@@ -61,10 +61,10 @@ A Lighthouse plugin is just a node module with a name that starts with `lighthou
   "type": "module",
   "main": "plugin.js",
   "peerDependencies": {
-    "lighthouse": "^12.0.0"
+    "lighthouse": "^12.1.0"
   },
   "devDependencies": {
-    "lighthouse": "^12.0.0"
+    "lighthouse": "^12.1.0"
   }
 }
 ```
diff --git a/docs/recipes/lighthouse-plugin-example/package.json b/docs/recipes/lighthouse-plugin-example/package.json
index 428ef1de2f70..d37c0949e643 100644
--- a/docs/recipes/lighthouse-plugin-example/package.json
+++ b/docs/recipes/lighthouse-plugin-example/package.json
@@ -4,7 +4,7 @@
   "type": "module",
   "main": "./plugin.js",
   "peerDependencies": {
-    "lighthouse": "^12.0.0"
+    "lighthouse": "^12.1.0"
   },
   "devDependencies": {
     "lighthouse": "^8.6.0"
diff --git a/package.json b/package.json
index 7ddee65094e0..ef270abb2067 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
   "name": "lighthouse",
   "type": "module",
-  "version": "12.0.0",
+  "version": "12.1.0",
   "description": "Automated auditing, performance metrics, and best practices for the web.",
   "main": "./core/index.js",
   "bin": {
diff --git a/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts b/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
index 349aaa5e8d7c..d80ecf051cd9 100644
--- a/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
+++ b/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
@@ -95,7 +95,7 @@ describe('Navigation', function() {
     // 1 refresh after auditing to reset state
     assert.strictEqual(numNavigations, 5);
 
-    assert.strictEqual(lhr.lighthouseVersion, '12.0.0');
+    assert.strictEqual(lhr.lighthouseVersion, '12.1.0');
     assert.match(lhr.finalUrl, /^https:\/\/localhost:[0-9]+\/test\/e2e\/resources\/lighthouse\/hello.html/);
 
     assert.strictEqual(lhr.configSettings.throttlingMethod, 'simulate');