diff --git a/NEWS.md b/NEWS.md
index 15f2a02c75..96b7a7cc83 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,3 +1,24 @@
+### v12.3.1 (2024-09-04)
+
+#### Bug fixes
+
+* Fixed detection of REST API type payloads in AWS Lambda ([#2543](https://github.com/newrelic/node-newrelic/pull/2543)) ([adfeebc](https://github.com/newrelic/node-newrelic/commit/adfeebc043161e0e0c35de2cf93989dbde9cb8fa))
+
+#### Documentation
+
+* Cleaned up formatting of api.js to properly inject example snippets when rendering on API docs site ([#2524](https://github.com/newrelic/node-newrelic/pull/2524)) ([4b34f3d](https://github.com/newrelic/node-newrelic/commit/4b34f3dbab45a55ec447b6e21b69c7621b41e539))
+* Updated compatibility report ([#2523](https://github.com/newrelic/node-newrelic/pull/2523)) ([29784ea](https://github.com/newrelic/node-newrelic/commit/29784ea766b2a9388c050f271ab7190895bc22ed))
+* Updated Next.js Otel cloud provider FAQ ([#2537](https://github.com/newrelic/node-newrelic/pull/2537)) ([6553807](https://github.com/newrelic/node-newrelic/commit/655380760a89193c5b6cd47d3955d1244cd79e7b))
+
+#### Tests
+
+* Converted db unit tests to node:test ([#2514](https://github.com/newrelic/node-newrelic/pull/2514)) ([bea4548](https://github.com/newrelic/node-newrelic/commit/bea45481a8a04099096929b36532203fbb8b6921))
+* Converted grpc, lib, and utilization tests to `node:test` ([#2532](https://github.com/newrelic/node-newrelic/pull/2532)) ([c207e1e](https://github.com/newrelic/node-newrelic/commit/c207e1e3de75a9c3a2c4a05fa1bc318d3e455ef9))
+* Replaced distributed tracing tests with `node:test` ([#2527](https://github.com/newrelic/node-newrelic/pull/2527)) ([8184c56](https://github.com/newrelic/node-newrelic/commit/8184c5676155b9028c84adc0da3902803ee9d107))
+* Added a match function for tests ([#2541](https://github.com/newrelic/node-newrelic/pull/2541)) ([51e7f34](https://github.com/newrelic/node-newrelic/commit/51e7f34e733202a9c2c024d9d9a7f3c207dfc4b0))
+* Converted `config` to `node:test` ([#2517](https://github.com/newrelic/node-newrelic/pull/2517)) ([1534a73](https://github.com/newrelic/node-newrelic/commit/1534a734995b6800c4cab3b6712f1b6b1329ed5e))
+
+
 ### v12.3.0 (2024-08-27)
 
 #### Features
diff --git a/changelog.json b/changelog.json
index 3d23555e01..7183d3c8c0 100644
--- a/changelog.json
+++ b/changelog.json
@@ -1,6 +1,16 @@
 {
   "repository": "newrelic/node-newrelic",
   "entries": [
+    {
+      "version": "12.3.1",
+      "changes": {
+        "security": [],
+        "bugfixes": [
+          "Fixed detection of REST API type payloads in AWS Lambda"
+        ],
+        "features": []
+      }
+    },
     {
       "version": "12.3.0",
       "changes": {
diff --git a/package.json b/package.json
index a668199346..0661971413 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "newrelic",
-  "version": "12.3.0",
+  "version": "12.3.1",
   "author": "New Relic Node.js agent team <nodejs@newrelic.com>",
   "license": "Apache-2.0",
   "contributors": [