diff --git a/CHANGELOG.md b/CHANGELOG.md
index 639a3b643..4b3b3eef1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,19 @@ All notable changes to this project will be documented in this file.
 
 The format is based on [Keep a Changelog](http://keepachangelog.com/)
 
+## [12.3.1] Preview Release
+### Added
+- Added a case to throw XAER_RMFAIL on connection reset for XA transactions [2118](https://github.com/microsoft/mssql-jdbc/pull/2118)
+- Added support for Azure Active Directory Service Principal Certificate Authentication [2128](https://github.com/microsoft/mssql-jdbc/pull/2128)
+### Changed
+- Improved performance of building parameter type definitions [1938](https://github.com/microsoft/mssql-jdbc/pull/1938)
+- Removed check condition that had no effect [2129](https://github.com/microsoft/mssql-jdbc/pull/2129)
+- Updated azure-security-keyvault-keys, azure-identity, gson and h2 library versions [2133](https://github.com/microsoft/mssql-jdbc/pull/2133)
+- Changed serverName sent in LOGIN packet to include instanceName [2140](https://github.com/microsoft/mssql-jdbc/pull/2140)
+### Fixed issues
+- Resolved high thread count when using findSocketUsingThreading [2104](https://github.com/microsoft/mssql-jdbc/pull/2104)
+- Corrected Activity ID behavior to stay the same for the life of the process, always send Activity ID in PRELOGIN, increment sequence for each new connection and send a unique client ID that persists for duration of process [2136](https://github.com/microsoft/mssql-jdbc/pull/2136)
+
 ## [12.3.0] Preview Release
 ### Added
 - Added additional logging info to help debug [2118](https://github.com/microsoft/mssql-jdbc/pull/2118)
diff --git a/build.gradle b/build.gradle
index 6cf6dbdbf..c2f6ca251 100644
--- a/build.gradle
+++ b/build.gradle
@@ -11,7 +11,7 @@
 
 apply plugin: 'java'
 
-version = '12.3.1-SNAPSHOT'
+version = '12.3.1'
 def jreVersion = ""
 def testOutputDir = file("build/classes/java/test")
 def archivesBaseName = 'mssql-jdbc'
diff --git a/mssql-jdbc_auth_LICENSE b/mssql-jdbc_auth_LICENSE
index 93c70316c..39bc60489 100644
--- a/mssql-jdbc_auth_LICENSE
+++ b/mssql-jdbc_auth_LICENSE
@@ -1,5 +1,5 @@
 MICROSOFT SOFTWARE LICENSE TERMS
-MICROSOFT JDBC DRIVER 12.3.0 FOR SQL SERVER
+MICROSOFT JDBC DRIVER 12.3.1 FOR SQL SERVER
 
 These license terms are an agreement between you and Microsoft Corporation (or one of its affiliates). They apply to the software named above and any Microsoft services or software updates (except to the extent such services or updates are accompanied by new or additional terms, in which case those different terms apply prospectively and do not alter your or Microsoft’s rights relating to pre-updated software or services). IF YOU COMPLY WITH THESE LICENSE TERMS, YOU HAVE THE RIGHTS BELOW.  BY USING THE SOFTWARE, YOU ACCEPT THESE TERMS.
 
diff --git a/pom.xml b/pom.xml
index c188ca917..b2da21e51 100644
--- a/pom.xml
+++ b/pom.xml
@@ -5,7 +5,7 @@
 	<modelVersion>4.0.0</modelVersion>
 	<groupId>com.microsoft.sqlserver</groupId>
 	<artifactId>mssql-jdbc</artifactId>
-	<version>12.3.1-SNAPSHOT</version>
+	<version>12.3.1</version>
 	<packaging>jar</packaging>
 	<name>Microsoft JDBC Driver for SQL Server</name>
 	<description>