diff --git a/helm-chart/kuberay-apiserver/Chart.yaml b/helm-chart/kuberay-apiserver/Chart.yaml
index ae042f28fc..5d26c2a634 100644
--- a/helm-chart/kuberay-apiserver/Chart.yaml
+++ b/helm-chart/kuberay-apiserver/Chart.yaml
@@ -15,4 +15,4 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: 1.1.0
+version: 1.2.1
diff --git a/helm-chart/kuberay-apiserver/values.yaml b/helm-chart/kuberay-apiserver/values.yaml
index 98e184b85c..0440fdb47c 100644
--- a/helm-chart/kuberay-apiserver/values.yaml
+++ b/helm-chart/kuberay-apiserver/values.yaml
@@ -7,7 +7,7 @@ replicaCount: 1
 name: "kuberay-apiserver"
 image:
   repository: quay.io/kuberay/apiserver
-  tag: nightly
+  tag: v1.2.1
   pullPolicy: IfNotPresent
 
 ## Install Default RBAC roles and bindings
diff --git a/helm-chart/kuberay-operator/Chart.yaml b/helm-chart/kuberay-operator/Chart.yaml
index 72d0069c4d..f1d895766e 100644
--- a/helm-chart/kuberay-operator/Chart.yaml
+++ b/helm-chart/kuberay-operator/Chart.yaml
@@ -1,6 +1,6 @@
 apiVersion: v2
 description: A Helm chart for Kubernetes
 name: kuberay-operator
-version: 1.1.0
+version: 1.2.1
 icon: https://github.com/ray-project/ray/raw/master/doc/source/images/ray_header_logo.png
 type: application
diff --git a/helm-chart/kuberay-operator/values.yaml b/helm-chart/kuberay-operator/values.yaml
index b65f4047dd..a7ebe2973a 100644
--- a/helm-chart/kuberay-operator/values.yaml
+++ b/helm-chart/kuberay-operator/values.yaml
@@ -4,7 +4,7 @@
 
 image:
   repository: quay.io/kuberay/operator
-  tag: nightly
+  tag: v1.2.1
   pullPolicy: IfNotPresent
 
 nameOverride: "kuberay-operator"
diff --git a/helm-chart/ray-cluster/Chart.yaml b/helm-chart/ray-cluster/Chart.yaml
index 8a395796d8..bb4f217857 100644
--- a/helm-chart/ray-cluster/Chart.yaml
+++ b/helm-chart/ray-cluster/Chart.yaml
@@ -1,5 +1,5 @@
 apiVersion: v1
 description: A Helm chart for Kubernetes
 name: ray-cluster
-version: 1.1.0
+version: 1.2.1
 icon: https://github.com/ray-project/ray/raw/master/doc/source/images/ray_header_logo.png
diff --git a/ray-operator/config/default/kustomization.yaml b/ray-operator/config/default/kustomization.yaml
index 9425cff09f..f49b2e7d47 100644
--- a/ray-operator/config/default/kustomization.yaml
+++ b/ray-operator/config/default/kustomization.yaml
@@ -23,4 +23,4 @@ bases:
 images:
 - name: kuberay/operator
   newName: quay.io/kuberay/operator
-  newTag: nightly
+  newTag: v1.2.1