diff --git a/Dockerfile b/Dockerfile
index 6822da2..ad2457b 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -31,7 +31,7 @@ LABEL vendor="IBM" \
   org.label-schema.name="ibm storage odf operator" \
   org.label-schema.vcs-ref=$VCS_REF \
   org.label-schema.vcs-url=$VCS_URL \
-  org.label-schema.schema-version="1.0.2" \
+  org.label-schema.schema-version="1.2.0" \
   summary="IBM Storage ODF Operator" \
   description="operator and driver of ibm storage systems for openshift data foundation (ODF)"
 
diff --git a/bundle/manifests/ibm-storage-odf-operator.clusterserviceversion.yaml b/bundle/manifests/ibm-storage-odf-operator.clusterserviceversion.yaml
index ce0fe5c..6ff789e 100644
--- a/bundle/manifests/ibm-storage-odf-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/ibm-storage-odf-operator.clusterserviceversion.yaml
@@ -33,8 +33,8 @@ metadata:
     operators.operatorframework.io/builder: operator-sdk-v1.4.0+git
     operators.operatorframework.io/operator-type: non-standalone
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v3
-    olm.skipRange: '>=0.0.1 <1.0.2'
-  name: ibm-storage-odf-operator.v1.0.2
+    olm.skipRange: '>=0.0.1 <1.2.0'
+  name: ibm-storage-odf-operator.v1.2.0
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -292,12 +292,12 @@ spec:
                       - /manager
                     env:
                       - name: EXPORTER_IMAGE
-                        value: docker.io/ibmcom/ibm-storage-odf-block-driver:1.0.2
+                        value: docker.io/ibmcom/ibm-storage-odf-block-driver:1.2.0
                       - name: WATCH_NAMESPACE
                         valueFrom:
                           fieldRef:
                             fieldPath: metadata.annotations['olm.targetNamespaces']
-                    image: docker.io/ibmcom/ibm-storage-odf-operator:1.0.2
+                    image: docker.io/ibmcom/ibm-storage-odf-operator:1.2.0
                     imagePullPolicy: Always
                     livenessProbe:
                       httpGet:
@@ -344,7 +344,7 @@ spec:
                   app: ibm-odf-console
               spec:
                 containers:
-                  - image: docker.io/ibmcom/ibm-storage-odf-plugin:1.0.2
+                  - image: docker.io/ibmcom/ibm-storage-odf-plugin:1.2.0
                     name: ibm-odf-console
                     ports:
                       - containerPort: 9003
@@ -416,4 +416,4 @@ spec:
   maturity: alpha
   provider:
     name: IBM
-  version: 1.0.2
+  version: 1.2.0
diff --git a/config/console/kustomization.yaml b/config/console/kustomization.yaml
index d0b9bcc..617d698 100644
--- a/config/console/kustomization.yaml
+++ b/config/console/kustomization.yaml
@@ -12,4 +12,4 @@ kind: Kustomization
 images:
   - name: ibm-console
     newName: docker.io/ibmcom/ibm-storage-odf-plugin
-    newTag: 1.0.2
+    newTag: 1.2.0
diff --git a/config/default/manager_config_patch.yaml b/config/default/manager_config_patch.yaml
index 3e54e04..42ccc61 100644
--- a/config/default/manager_config_patch.yaml
+++ b/config/default/manager_config_patch.yaml
@@ -10,4 +10,4 @@ spec:
       - name: manager
         env:
         - name: EXPORTER_IMAGE
-          value: docker.io/ibmcom/ibm-storage-odf-block-driver:1.0.2
+          value: docker.io/ibmcom/ibm-storage-odf-block-driver:1.2.0
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index ecc4514..b95d433 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -14,4 +14,4 @@ kind: Kustomization
 images:
 - name: controller
   newName: docker.io/ibmcom/ibm-storage-odf-operator
-  newTag: 1.0.2
+  newTag: 1.2.0
diff --git a/hack/common.sh b/hack/common.sh
index 4ed813c..c6e97d0 100755
--- a/hack/common.sh
+++ b/hack/common.sh
@@ -28,7 +28,7 @@ DEFAULT_BLOCK_CSI_RELEASE="v1.10.0"
 DEFAULT_BLOCK_CSI_CR_FILE="csi.ibm.com_v1_ibmblockcsi_cr.yaml"
 
 VCS_URL="https://github.com/IBM/ibm-storage-odf-operator"
-VCS_REF="1.0.2-$(git rev-parse --short HEAD)"
+VCS_REF="1.2.0-$(git rev-parse --short HEAD)"
 RELEASE_VERSION=$(cat version/version.go | grep "Version =" | awk -F '"' '{print $2}')
 
 CHANNELS="stable-v1"
diff --git a/version/version.go b/version/version.go
index 52dd911..020a925 100644
--- a/version/version.go
+++ b/version/version.go
@@ -18,5 +18,5 @@ package version
 
 var (
 	// Version of the operator
-	Version = "1.0.2"
+	Version = "1.2.0"
 )