diff --git a/Cargo.lock b/Cargo.lock
index 1e91f415a68e..7f6f3d449fd3 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1161,7 +1161,7 @@ dependencies = [
 
 [[package]]
 name = "qiskit-accelerate"
-version = "1.2.3"
+version = "1.2.4"
 dependencies = [
  "ahash 0.8.11",
  "approx",
@@ -1189,7 +1189,7 @@ dependencies = [
 
 [[package]]
 name = "qiskit-circuit"
-version = "1.2.3"
+version = "1.2.4"
 dependencies = [
  "bytemuck",
  "hashbrown 0.14.5",
@@ -1203,7 +1203,7 @@ dependencies = [
 
 [[package]]
 name = "qiskit-pyext"
-version = "1.2.3"
+version = "1.2.4"
 dependencies = [
  "pyo3",
  "qiskit-accelerate",
@@ -1214,7 +1214,7 @@ dependencies = [
 
 [[package]]
 name = "qiskit-qasm2"
-version = "1.2.3"
+version = "1.2.4"
 dependencies = [
  "hashbrown 0.14.5",
  "num-bigint",
@@ -1224,7 +1224,7 @@ dependencies = [
 
 [[package]]
 name = "qiskit-qasm3"
-version = "1.2.3"
+version = "1.2.4"
 dependencies = [
  "hashbrown 0.14.5",
  "indexmap",
diff --git a/Cargo.toml b/Cargo.toml
index 6ff57c6395b9..fe8476829079 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -3,7 +3,7 @@ members = ["crates/*"]
 resolver = "2"
 
 [workspace.package]
-version = "1.2.3"
+version = "1.2.4"
 edition = "2021"
 rust-version = "1.70"  # Keep in sync with README.md and rust-toolchain.toml.
 license = "Apache-2.0"
diff --git a/docs/conf.py b/docs/conf.py
index 9323f3513763..b2da76de2c60 100644
--- a/docs/conf.py
+++ b/docs/conf.py
@@ -32,7 +32,7 @@
 # The short X.Y version
 version = "1.2"
 # The full version, including alpha/beta/rc tags
-release = "1.2.3"
+release = "1.2.4"
 
 language = "en"
 
diff --git a/qiskit/VERSION.txt b/qiskit/VERSION.txt
index 0495c4a88cae..e8ea05db8142 100644
--- a/qiskit/VERSION.txt
+++ b/qiskit/VERSION.txt
@@ -1 +1 @@
-1.2.3
+1.2.4
diff --git a/releasenotes/notes/fix-qpy-parsing-123-75357c3709e35963.yaml b/releasenotes/notes/fix-qpy-parsing-123-75357c3709e35963.yaml
index d911a59879ff..73499957db05 100644
--- a/releasenotes/notes/fix-qpy-parsing-123-75357c3709e35963.yaml
+++ b/releasenotes/notes/fix-qpy-parsing-123-75357c3709e35963.yaml
@@ -6,5 +6,5 @@ fixes:
     would cause an exception with the error message "Qiskit doesn't support
     loading a symengine payload generated with symengine >= 1.0" to be raised
     whenever loading a QPY file that was generated with a different symengine
-    version from the version installed by the loading. This issue could only
+    version from the version installed when loading. This issue could only
     occur in 1.2.3.
diff --git a/releasenotes/notes/prepare-1.2.4-4a855c6e6bf78a4b.yaml b/releasenotes/notes/prepare-1.2.4-4a855c6e6bf78a4b.yaml
new file mode 100644
index 000000000000..0a7e904eb2c6
--- /dev/null
+++ b/releasenotes/notes/prepare-1.2.4-4a855c6e6bf78a4b.yaml
@@ -0,0 +1,6 @@
+---
+prelude: >
+    Qiskit 1.2.4 is a patch release that fixes a QPY problem introduced in the 
+    `yanked <https://peps.python.org/pep-0592/>`__ 1.2.3 bugfix release. In 1.2.3,
+    an error would be raised when loading a QPY file that was generated with 
+    a different symengine version from the version installed when loading.
\ No newline at end of file