diff --git a/CHANGES.rst b/CHANGES.rst
index ae5e67a3f..36d183cf3 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,6 +1,17 @@
 Release Notes
 =============
 
+1.2.5
+-----
+
+This release follows-up on 1.2.0 fixing bugs in the pre-release resolving code paths.
+
+* Resolving pre-release when explicitly requested (#372)
+  `#374 <https://github.com/pantsbuild/pex/pull/374>`_
+
+* Pass allow_prerelease to other iterators (Static, Caching) (#373)
+  `#373 <https://github.com/pantsbuild/pex/pull/373>`_
+
 1.2.4
 -----
 
diff --git a/pex/version.py b/pex/version.py
index 93ef5760d..a57305e33 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,7 +1,7 @@
 # Copyright 2015 Pants project contributors (see CONTRIBUTORS.md).
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = '1.2.4'
+__version__ = '1.2.5'
 
 # NB: If we upgrade to setuptools>=34 pex's bootstrap code in `PEXBuilder` will need an update to
 # include the `packaging` package in the `.bootstrap/` code since we use