diff --git a/changelog.md b/changelog.md
index d05a27b63494..a312581fcb28 100644
--- a/changelog.md
+++ b/changelog.md
@@ -1,3 +1,45 @@
+<a name="12.3.0"></a>
+# 12.3.0 (2024-12-12)
+[Full Changelog](https://github.com/GoogleChrome/lighthouse/compare/v12.2.3...v12.3.0)
+
+We expect this release to ship in the DevTools of [Chrome 133](https://chromiumdash.appspot.com/schedule), and to PageSpeed Insights within 2 weeks.
+
+## New contributors
+
+Thanks to our new contributors 👽🐷🐰🐯🐻!
+
+- Sebastian Neuner @sebastian9er
+
+## New Audits
+
+This release adds new security audits. These audits are informative and won't affect your best practices score.
+
+* Ensure proper origin isolation with COOP ([#16275](https://github.com/GoogleChrome/lighthouse/pull/16275))
+* Use a strong HSTS policy ([#16257](https://github.com/GoogleChrome/lighthouse/pull/16257))
+
+## Core
+
+* font-size: exclude invisible text ([#16281](https://github.com/GoogleChrome/lighthouse/pull/16281))
+
+## Deps
+
+* upgrade puppeteer to v23.10.4 ([#16279](https://github.com/GoogleChrome/lighthouse/pull/16279))
+* upgrade `trace_engine` to 0.0.38 ([#16269](https://github.com/GoogleChrome/lighthouse/pull/16269))
+
+## I18n
+
+* import ([#16283](https://github.com/GoogleChrome/lighthouse/pull/16283))
+* inject strings from trace engine npm package ([#16272](https://github.com/GoogleChrome/lighthouse/pull/16272))
+
+## Docs
+
+* update releasing instructions ([#16252](https://github.com/GoogleChrome/lighthouse/pull/16252))
+
+## Tests
+
+* update network target type expectations ([#16273](https://github.com/GoogleChrome/lighthouse/pull/16273))
+* devtools: sync e2e ([#16253](https://github.com/GoogleChrome/lighthouse/pull/16253))
+
 <a name="12.2.3"></a>
 # 12.2.3 (2024-12-02)
 [Full Changelog](https://github.com/GoogleChrome/lighthouse/compare/v12.2.2...v12.2.3)
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 cb42263486ad..645b38415a67 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": "12.2.3",
+        "lighthouseVersion": "12.3.0",
         "requestedUrl": "https://www.mikescerealshack.co/",
         "mainDocumentUrl": "https://www.mikescerealshack.co/",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/",
@@ -8487,7 +8487,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.2.3",
+        "lighthouseVersion": "12.3.0",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/search?q=call+of+duty",
         "fetchTime": "2024-04-18T17:03:07.290Z",
         "gatherMode": "timespan",
@@ -12450,7 +12450,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.2.3",
+        "lighthouseVersion": "12.3.0",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/search?q=call+of+duty",
         "fetchTime": "2024-04-18T17:03:17.899Z",
         "gatherMode": "snapshot",
@@ -17846,7 +17846,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.2.3",
+        "lighthouseVersion": "12.3.0",
         "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 f9409c4c31b9..eb667d95ff8e 100644
--- a/core/test/results/sample_v2.json
+++ b/core/test/results/sample_v2.json
@@ -1,5 +1,5 @@
 {
-  "lighthouseVersion": "12.2.3",
+  "lighthouseVersion": "12.3.0",
   "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 19237ea58a7b..7756c9863afb 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": "^12.2.3"
+    "lighthouse": "^12.3.0"
   },
   "devDependencies": {
-    "lighthouse": "^12.2.3"
+    "lighthouse": "^12.3.0"
   }
 }
 ```
diff --git a/docs/recipes/lighthouse-plugin-example/package.json b/docs/recipes/lighthouse-plugin-example/package.json
index 113a40b13c63..dd1fc33d5331 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": "^12.2.3"
+    "lighthouse": "^12.3.0"
   },
   "devDependencies": {
     "lighthouse": "^8.6.0"
diff --git a/package.json b/package.json
index 77f4fb1c941a..9d24ee5df1a5 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
   "name": "lighthouse",
   "type": "module",
-  "version": "12.2.3",
+  "version": "12.3.0",
   "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 177c0a5bfc87..3540667182e9 100644
--- a/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
+++ b/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
@@ -94,7 +94,7 @@ describe('Navigation', function() {
     // 1 refresh after auditing to reset state
     assert.strictEqual(numNavigations, 5);
 
-    assert.strictEqual(lhr.lighthouseVersion, '12.2.3');
+    assert.strictEqual(lhr.lighthouseVersion, '12.3.0');
     assert.match(lhr.finalUrl, /^https:\/\/localhost:[0-9]+\/test\/e2e\/resources\/lighthouse\/hello.html/);
 
     assert.strictEqual(lhr.configSettings.throttlingMethod, 'simulate');