diff --git a/CHANGELOG.md b/CHANGELOG.md
index 804fcb03..e050ac21 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,62 @@
 # Release Notes
 
+## v1.2.0
+
+Maintenance update, minor feature additions and bugfixes.
+
+* support for `numpy 2.X`
+* end of life for `python 3.8`
+* fixed documentation build
+* bugfixes
+
+### Dependency changes
+
+* `pytorch-forecasting` is now compatible with `numpy 2.X` (core dependency)
+* `optuna` (tuning soft dependency) bounds have been update to `>=3.1.0,<5.0.0`
+
+### Fixes
+
+* [BUG] fix `AttributeError: 'ExperimentWriter' object has no attribute 'add_figure'` by @ewth in https://github.com/sktime/pytorch-forecasting/pull/1694
+
+### Documentation
+
+* [DOC] typo fixes in changelog by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1660
+* [DOC] update URLs to `sktime` org by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1674
+
+### Maintenance
+
+* [MNT] handle `mps backend` for lower versions of pytorch and fix `mps` failure on `macOS-latest` runner by @fnhirwa in https://github.com/sktime/pytorch-forecasting/pull/1648
+* [MNT] updates the actions in the doc build CI by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1673
+* [MNT] fixes to `readthedocs.yml` by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1676
+* [MNT] updates references in CI and doc locations to `main` by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1677
+* [MNT] `show_versions` utility by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1688
+* [MNT] Relax `numpy` bound to `numpy<3.0.0` by @XinyuWuu in https://github.com/sktime/pytorch-forecasting/pull/1624
+* [MNT] fix `pre-commit` failures on `main` by @ewth in https://github.com/sktime/pytorch-forecasting/pull/1696
+* [MNT] Move linting to ruff by @airookie17 in https://github.com/sktime/pytorch-forecasting/pull/1692
+1693
+* [MNT] `ruff` linting - allow use of assert (S101) by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1701
+* [MNT] `ruff` - fix list related linting failures C416 and C419 by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1702
+* [MNT] Delete poetry.lock by @benHeid in https://github.com/sktime/pytorch-forecasting/pull/1704
+* [MNT] fix `black` doesn't have `extras` dependency by @fnhirwa in https://github.com/sktime/pytorch-forecasting/pull/1697
+* [MNT] Remove mutable objects from defaults by @eugenio-mercuriali in https://github.com/sktime/pytorch-forecasting/pull/1699
+* [MNT] remove docs build in ci for all pr by @yarnabrina in https://github.com/sktime/pytorch-forecasting/pull/1712
+* [MNT] EOL for python 3.8 by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1661
+* [MNT] remove `poetry.lock` by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1651
+* [MNT] update `pre-commit` requirement from `<4.0.0,>=3.2.0` to `>=3.2.0,<5.0.0` by @dependabot in https://github.com/sktime/pytorch-forecasting/pull/
+* [MNT] update optuna requirement from `<4.0.0,>=3.1.0` to `>=3.1.0,<5.0.0` by @dependabot in https://github.com/sktime/pytorch-forecasting/pull/1715
+* [MNT] CODEOWNERS file by @fkiraly in https://github.com/sktime/pytorch-forecasting/pull/1710
+
+### All Contributors
+
+@airookie17,
+@benHeid,
+@eugenio-mercuriali,
+@ewth,
+@fkiraly,
+@fnhirwa,
+@XinyuWuu,
+@yarnabrina
+
 ## v1.1.1
 
 Hotfix for accidental package name change in `pyproject.toml`.
diff --git a/pyproject.toml b/pyproject.toml
index b7bd9910..edf9dd82 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -61,7 +61,7 @@ black = 1
 [project]
 name = "pytorch-forecasting"
 readme = "README.md"         # Markdown files are supported
-version = "1.1.1"            # is being replaced automatically
+version = "1.2.0"            # is being replaced automatically
 
 authors = [
   {name = "Jan Beitner"},
diff --git a/pytorch_forecasting/__init__.py b/pytorch_forecasting/__init__.py
index 47f92761..eabfe481 100644
--- a/pytorch_forecasting/__init__.py
+++ b/pytorch_forecasting/__init__.py
@@ -2,7 +2,7 @@
 PyTorch Forecasting package for timeseries forecasting with PyTorch.
 """
 
-__version__ = "1.1.1"
+__version__ = "1.2.0"
 
 from pytorch_forecasting.data import (
     EncoderNormalizer,