diff --git a/components/kserve/Dockerfile b/components/kserve/Dockerfile
index ea0d676738c..507003ccf0d 100644
--- a/components/kserve/Dockerfile
+++ b/components/kserve/Dockerfile
@@ -1,4 +1,5 @@
 FROM python:3.9-slim-bullseye
+RUN apt-get update && apt-get install -y gcc python3-dev
 
 COPY requirements.txt .
 RUN python3 -m pip install -r \
diff --git a/components/kserve/README.md b/components/kserve/README.md
index c6a42842efe..7de2d549f7a 100644
--- a/components/kserve/README.md
+++ b/components/kserve/README.md
@@ -4,7 +4,7 @@ Organization: KServe
 
 Organization Description: KServe is a highly scalable and standards based Model Inference Platform on Kubernetes for Trusted AI
 
-Version information: KServe 0.11.1. Works for Kubeflow 1.8
+Version information: KServe 0.12.0. Works for Kubeflow 1.9
 
 **Note:** To use the KServe 0.7.0 version of this component which runs on Kubeflow 1.5, then change the load_component_from_url in the usage section with the following YAML instead:
 ```
diff --git a/components/kserve/component.yaml b/components/kserve/component.yaml
index 9d7b97e3e23..3a791a6a103 100644
--- a/components/kserve/component.yaml
+++ b/components/kserve/component.yaml
@@ -25,7 +25,7 @@ outputs:
   - {name: InferenceService Status,   type: String,                                               description: 'Status JSON output of InferenceService'}
 implementation:
   container:
-    image: quay.io/aipipeline/kserve-component:v0.11.1
+    image: quay.io/aipipeline/kserve-component:v0.12.0
     command: ['python']
     args: [
       -u, kservedeployer.py,
diff --git a/components/kserve/requirements.txt b/components/kserve/requirements.txt
index bdab9d8f8a8..fff5dd77779 100644
--- a/components/kserve/requirements.txt
+++ b/components/kserve/requirements.txt
@@ -1,2 +1,2 @@
-kserve==0.11.1
+kserve==0.12.0
 protobuf~=3.19.0