diff --git a/README.md b/README.md
index 3e51cf546b7..67d931d1a8d 100644
--- a/README.md
+++ b/README.md
@@ -56,7 +56,7 @@ Make sure you activated the full features of the tokio crate on Cargo.toml:
 
 ```toml
 [dependencies]
-tokio = { version = "1.23.0", features = ["full"] }
+tokio = { version = "1.23.1", features = ["full"] }
 ```
 Then, on your main.rs:
 
diff --git a/tokio/CHANGELOG.md b/tokio/CHANGELOG.md
index f930dfcdb05..0f1ad8bc61a 100644
--- a/tokio/CHANGELOG.md
+++ b/tokio/CHANGELOG.md
@@ -1,3 +1,14 @@
+# 1.23.1 (January 4, 2022)
+
+This release forward ports changes from 1.18.4.
+
+### Fixed
+
+- net: fix Windows named pipe server builder to maintain option when toggling
+  pipe mode ([#5336]).
+
+[#5336]: https://github.com/tokio-rs/tokio/pull/5336
+
 # 1.23.0 (December 5, 2022)
 
 ### Fixed
@@ -262,6 +273,17 @@ wasm32-wasi target is given unstable support for the `net` feature.
 [#4956]: https://github.com/tokio-rs/tokio/pull/4956
 [#4959]: https://github.com/tokio-rs/tokio/pull/4959
 
+# 1.20.3 (January 3, 2022)
+
+This release forward ports changes from 1.18.4.
+
+### Fixed
+
+- net: fix Windows named pipe server builder to maintain option when toggling
+  pipe mode ([#5336]).
+
+[#5336]: https://github.com/tokio-rs/tokio/pull/5336
+
 # 1.20.2 (September 27, 2022)
 
 This release removes the dependency on the `once_cell` crate to restore the MSRV
@@ -387,6 +409,15 @@ This release fixes a bug in `Notified::enable`. ([#4747])
 [#4729]: https://github.com/tokio-rs/tokio/pull/4729
 [#4739]: https://github.com/tokio-rs/tokio/pull/4739
 
+# 1.18.4 (January 3, 2022)
+
+### Fixed
+
+- net: fix Windows named pipe server builder to maintain option when toggling
+  pipe mode ([#5336]).
+
+[#5336]: https://github.com/tokio-rs/tokio/pull/5336
+
 # 1.18.3 (September 27, 2022)
 
 This release removes the dependency on the `once_cell` crate to restore the MSRV
diff --git a/tokio/Cargo.toml b/tokio/Cargo.toml
index 6a8ad1775ce..1b635360055 100644
--- a/tokio/Cargo.toml
+++ b/tokio/Cargo.toml
@@ -6,7 +6,7 @@ name = "tokio"
 #   - README.md
 # - Update CHANGELOG.md.
 # - Create "v1.x.y" git tag.
-version = "1.23.0"
+version = "1.23.1"
 edition = "2018"
 rust-version = "1.49"
 authors = ["Tokio Contributors <team@tokio.rs>"]
diff --git a/tokio/README.md b/tokio/README.md
index 3e51cf546b7..67d931d1a8d 100644
--- a/tokio/README.md
+++ b/tokio/README.md
@@ -56,7 +56,7 @@ Make sure you activated the full features of the tokio crate on Cargo.toml:
 
 ```toml
 [dependencies]
-tokio = { version = "1.23.0", features = ["full"] }
+tokio = { version = "1.23.1", features = ["full"] }
 ```
 Then, on your main.rs:
 
diff --git a/tokio/src/net/windows/named_pipe.rs b/tokio/src/net/windows/named_pipe.rs
index 692c69ded46..9ede94ea6a0 100644
--- a/tokio/src/net/windows/named_pipe.rs
+++ b/tokio/src/net/windows/named_pipe.rs
@@ -1705,11 +1705,10 @@ impl ServerOptions {
     ///
     /// [`dwPipeMode`]: https://docs.microsoft.com/en-us/windows/win32/api/winbase/nf-winbase-createnamedpipea
     pub fn pipe_mode(&mut self, pipe_mode: PipeMode) -> &mut Self {
-        self.pipe_mode = match pipe_mode {
-            PipeMode::Byte => windows_sys::PIPE_TYPE_BYTE,
-            PipeMode::Message => windows_sys::PIPE_TYPE_MESSAGE,
-        };
-
+        let is_msg = matches!(pipe_mode, PipeMode::Message);
+        // Pipe mode is implemented as a bit flag 0x4. Set is message and unset
+        // is byte.
+        bool_flag!(self.pipe_mode, is_msg, windows_sys::PIPE_TYPE_MESSAGE);
         self
     }
 
@@ -2554,3 +2553,48 @@ unsafe fn named_pipe_info(handle: RawHandle) -> io::Result<PipeInfo> {
         max_instances,
     })
 }
+
+#[cfg(test)]
+mod test {
+    use self::windows_sys::{PIPE_REJECT_REMOTE_CLIENTS, PIPE_TYPE_BYTE, PIPE_TYPE_MESSAGE};
+    use super::*;
+
+    #[test]
+    fn opts_default_pipe_mode() {
+        let opts = ServerOptions::new();
+        assert_eq!(opts.pipe_mode, PIPE_TYPE_BYTE | PIPE_REJECT_REMOTE_CLIENTS);
+    }
+
+    #[test]
+    fn opts_unset_reject_remote() {
+        let mut opts = ServerOptions::new();
+        opts.reject_remote_clients(false);
+        assert_eq!(opts.pipe_mode & PIPE_REJECT_REMOTE_CLIENTS, 0);
+    }
+
+    #[test]
+    fn opts_set_pipe_mode_maintains_reject_remote_clients() {
+        let mut opts = ServerOptions::new();
+        opts.pipe_mode(PipeMode::Byte);
+        assert_eq!(opts.pipe_mode, PIPE_TYPE_BYTE | PIPE_REJECT_REMOTE_CLIENTS);
+
+        opts.reject_remote_clients(false);
+        opts.pipe_mode(PipeMode::Byte);
+        assert_eq!(opts.pipe_mode, PIPE_TYPE_BYTE);
+
+        opts.reject_remote_clients(true);
+        opts.pipe_mode(PipeMode::Byte);
+        assert_eq!(opts.pipe_mode, PIPE_TYPE_BYTE | PIPE_REJECT_REMOTE_CLIENTS);
+
+        opts.reject_remote_clients(false);
+        opts.pipe_mode(PipeMode::Message);
+        assert_eq!(opts.pipe_mode, PIPE_TYPE_MESSAGE);
+
+        opts.reject_remote_clients(true);
+        opts.pipe_mode(PipeMode::Message);
+        assert_eq!(
+            opts.pipe_mode,
+            PIPE_TYPE_MESSAGE | PIPE_REJECT_REMOTE_CLIENTS
+        );
+    }
+}