diff --git a/CHANGELOG.md b/CHANGELOG.md
index 60cbcde290..ba2ce026be 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,8 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
 ## \[Unreleased\]
+
+## 14/04/2023 - Release 1.2.0rc1
 ### New features
 - Add LossDynamicsAnalyzer for noisy label detection
   (<https://github.com/openvinotoolkit/datumaro/pull/928>)
diff --git a/datumaro/version.py b/datumaro/version.py
index a82b376d2d..e342e49992 100644
--- a/datumaro/version.py
+++ b/datumaro/version.py
@@ -1 +1 @@
-__version__ = "1.1.1"
+__version__ = "1.2.0rc1"