diff --git a/.ci/bwcVersions b/.ci/bwcVersions
index 44501068a7900..59b860cc6324b 100644
--- a/.ci/bwcVersions
+++ b/.ci/bwcVersions
@@ -77,3 +77,4 @@ BWC_VERSION:
   - "1.0.0"
   - "1.0.1"
   - "1.1.0"
+  - "1.2.0"
diff --git a/buildSrc/version.properties b/buildSrc/version.properties
index 0f8dfe34fc7b4..79bfd2901eb14 100644
--- a/buildSrc/version.properties
+++ b/buildSrc/version.properties
@@ -1,4 +1,4 @@
-opensearch        = 1.2.0
+opensearch        = 1.3.0
 lucene            = 8.10.1
 
 bundled_jdk_vendor = adoptopenjdk
diff --git a/server/src/main/java/org/opensearch/Version.java b/server/src/main/java/org/opensearch/Version.java
index 336fbdcc0c533..7881151ed9a69 100644
--- a/server/src/main/java/org/opensearch/Version.java
+++ b/server/src/main/java/org/opensearch/Version.java
@@ -74,7 +74,8 @@ public class Version implements Comparable<Version>, ToXContentFragment {
     public static final Version V_1_0_1 = new Version(1000199, org.apache.lucene.util.Version.LUCENE_8_8_2);
     public static final Version V_1_1_0 = new Version(1010099, org.apache.lucene.util.Version.LUCENE_8_9_0);
     public static final Version V_1_2_0 = new Version(1020099, org.apache.lucene.util.Version.LUCENE_8_10_1);
-    public static final Version CURRENT = V_1_2_0;
+    public static final Version V_1_3_0 = new Version(1030099, org.apache.lucene.util.Version.LUCENE_8_10_1);
+    public static final Version CURRENT = V_1_3_0;
 
     public static Version readVersion(StreamInput in) throws IOException {
         return fromId(in.readVInt());