diff --git a/build/dependencies.yaml b/build/dependencies.yaml
index 409b04afc2c..87a14eea66e 100644
--- a/build/dependencies.yaml
+++ b/build/dependencies.yaml
@@ -31,7 +31,7 @@ dependencies:
 
   # CoreDNS
   - name: "coredns-kube-up"
-    version: 1.12.1
+    version: 1.12.3
     refPaths:
     - path: cluster/addons/dns/coredns/coredns.yaml.base
       match: registry.k8s.io/coredns
@@ -41,7 +41,7 @@ dependencies:
       match: registry.k8s.io/coredns
 
   - name: "coredns-kubeadm"
-    version: 1.12.1
+    version: 1.12.3
     refPaths:
     - path: cmd/kubeadm/app/constants/constants.go
       match: CoreDNSVersion =
diff --git a/cluster/addons/dns/coredns/coredns.yaml.base b/cluster/addons/dns/coredns/coredns.yaml.base
index df61a856d7e..47e94d169b6 100644
--- a/cluster/addons/dns/coredns/coredns.yaml.base
+++ b/cluster/addons/dns/coredns/coredns.yaml.base
@@ -133,7 +133,7 @@ spec:
         kubernetes.io/os: linux
       containers:
       - name: coredns
-        image: registry.k8s.io/coredns/coredns:v1.12.1
+        image: registry.k8s.io/coredns/coredns:v1.12.3
         imagePullPolicy: IfNotPresent
         resources:
           limits:
diff --git a/cluster/addons/dns/coredns/coredns.yaml.in b/cluster/addons/dns/coredns/coredns.yaml.in
index 525737b81a3..a9476e1868e 100644
--- a/cluster/addons/dns/coredns/coredns.yaml.in
+++ b/cluster/addons/dns/coredns/coredns.yaml.in
@@ -133,7 +133,7 @@ spec:
         kubernetes.io/os: linux
       containers:
       - name: coredns
-        image: registry.k8s.io/coredns/coredns:v1.12.1
+        image: registry.k8s.io/coredns/coredns:v1.12.3
         imagePullPolicy: IfNotPresent
         resources:
           limits:
diff --git a/cluster/addons/dns/coredns/coredns.yaml.sed b/cluster/addons/dns/coredns/coredns.yaml.sed
index 6504762d8e1..deb299c5331 100644
--- a/cluster/addons/dns/coredns/coredns.yaml.sed
+++ b/cluster/addons/dns/coredns/coredns.yaml.sed
@@ -133,7 +133,7 @@ spec:
         kubernetes.io/os: linux
       containers:
       - name: coredns
-        image: registry.k8s.io/coredns/coredns:v1.12.1
+        image: registry.k8s.io/coredns/coredns:v1.12.3
         imagePullPolicy: IfNotPresent
         resources:
           limits:
diff --git a/cmd/kubeadm/app/constants/constants.go b/cmd/kubeadm/app/constants/constants.go
index 21e49e24e6e..852386f6e68 100644
--- a/cmd/kubeadm/app/constants/constants.go
+++ b/cmd/kubeadm/app/constants/constants.go
@@ -364,7 +364,7 @@ const (
 	CoreDNSImageName = "coredns"
 
 	// CoreDNSVersion is the version of CoreDNS to be deployed if it is used
-	CoreDNSVersion = "v1.12.1"
+	CoreDNSVersion = "v1.12.3"
 
 	// ClusterConfigurationKind is the string kind value for the ClusterConfiguration struct
 	ClusterConfigurationKind = "ClusterConfiguration"
diff --git a/cmd/kubeadm/app/phases/addons/dns/dns_test.go b/cmd/kubeadm/app/phases/addons/dns/dns_test.go
index 4d4186728bf..65de5fbe9a8 100644
--- a/cmd/kubeadm/app/phases/addons/dns/dns_test.go
+++ b/cmd/kubeadm/app/phases/addons/dns/dns_test.go
@@ -1454,7 +1454,7 @@ func TestDeployedDNSAddon(t *testing.T) {
 		},
 		{
 			name:           "with digest",
-			image:          "registry.k8s.io/coredns/coredns:v1.12.1@sha256:a0ead06651cf580044aeb0a0feba63591858fb2e43ade8c9dea45a6a89ae7e5e",
+			image:          "registry.k8s.io/coredns/coredns:v1.12.3@sha256:1391544c978029fcddc65068f6ad67f396e55585b664ecccd7fefba029b9b706",
 			deploymentSize: 1,
 			wantVersion:    kubeadmconstants.CoreDNSVersion,
 		},
diff --git a/go.mod b/go.mod
index 997e39a5421..d7dd05e19c3 100644
--- a/go.mod
+++ b/go.mod
@@ -19,7 +19,7 @@ require (
 	github.com/armon/go-socks5 v0.0.0-20160902184237-e75332964ef5
 	github.com/blang/semver/v4 v4.0.0
 	github.com/container-storage-interface/spec v1.9.0
-	github.com/coredns/corefile-migration v1.0.26
+	github.com/coredns/corefile-migration v1.0.27
 	github.com/coreos/go-oidc v2.3.0+incompatible
 	github.com/coreos/go-systemd/v22 v22.5.0
 	github.com/cpuguy83/go-md2man/v2 v2.0.6
diff --git a/go.sum b/go.sum
index 8cd7298d473..61b06b11aaa 100644
--- a/go.sum
+++ b/go.sum
@@ -71,8 +71,8 @@ github.com/containerd/typeurl/v2 v2.2.3 h1:yNA/94zxWdvYACdYO8zofhrTVuQY73fFU1y++
 github.com/containerd/typeurl/v2 v2.2.3/go.mod h1:95ljDnPfD3bAbDJRugOiShd/DlAAsxGtUBhJxIn7SCk=
 github.com/coredns/caddy v1.1.1 h1:2eYKZT7i6yxIfGP3qLJoJ7HAsDJqYB+X68g4NYjSrE0=
 github.com/coredns/caddy v1.1.1/go.mod h1:A6ntJQlAWuQfFlsd9hvigKbo2WS0VUs2l1e2F+BawD4=
-github.com/coredns/corefile-migration v1.0.26 h1:xiiEkVB1Dwolb24pkeDUDBfygV9/XsOSq79yFCrhptY=
-github.com/coredns/corefile-migration v1.0.26/go.mod h1:56DPqONc3njpVPsdilEnfijCwNGC3/kTJLl7i7SPavY=
+github.com/coredns/corefile-migration v1.0.27 h1:WIIw5sU0LfGgoGnhdrYdVcto/aWmJoGA/C62iwkU0JM=
+github.com/coredns/corefile-migration v1.0.27/go.mod h1:56DPqONc3njpVPsdilEnfijCwNGC3/kTJLl7i7SPavY=
 github.com/coreos/go-oidc v2.3.0+incompatible h1:+5vEsrgprdLjjQ9FzIKAzQz1wwPD+83hQRfUIPh7rO0=
 github.com/coreos/go-oidc v2.3.0+incompatible/go.mod h1:CgnwVTmzoESiwO9qyAFEMiHoZ1nMCKZlZ9V6mm3/LKc=
 github.com/coreos/go-semver v0.3.1 h1:yi21YpKnrx1gt5R+la8n5WgS0kCrsPp33dmEyHReZr4=
diff --git a/vendor/github.com/coredns/corefile-migration/migration/versions.go b/vendor/github.com/coredns/corefile-migration/migration/versions.go
index 94908ad9b5d..dba877560af 100644
--- a/vendor/github.com/coredns/corefile-migration/migration/versions.go
+++ b/vendor/github.com/coredns/corefile-migration/migration/versions.go
@@ -30,7 +30,19 @@ type release struct {
 
 // Versions holds a map of plugin/option migrations per CoreDNS release (since 1.1.4)
 var Versions = map[string]release{
+	"1.12.3": {
+		priorVersion:   "1.12.2",
+		dockerImageSHA: "1391544c978029fcddc65068f6ad67f396e55585b664ecccd7fefba029b9b706",
+		plugins:        plugins_1_12_0,
+	},
+	"1.12.2": {
+		nextVersion:    "1.12.3",
+		priorVersion:   "1.12.1",
+		dockerImageSHA: "af8c8d35a5d184b386c4a6d1a012c8b218d40d1376474c7d071bb6c07201f47d",
+		plugins:        plugins_1_12_0,
+	},
 	"1.12.1": {
+		nextVersion:    "1.12.2",
 		priorVersion:   "1.12.0",
 		dockerImageSHA: "e8c262566636e6bc340ece6473b0eed193cad045384401529721ddbe6463d31c",
 		plugins:        plugins_1_12_0,
diff --git a/vendor/modules.txt b/vendor/modules.txt
index 5a3a2a0653a..f99965de1e5 100644
--- a/vendor/modules.txt
+++ b/vendor/modules.txt
@@ -91,7 +91,7 @@ github.com/containerd/typeurl/v2
 # github.com/coredns/caddy v1.1.1
 ## explicit; go 1.13
 github.com/coredns/caddy/caddyfile
-# github.com/coredns/corefile-migration v1.0.26
+# github.com/coredns/corefile-migration v1.0.27
 ## explicit; go 1.14
 github.com/coredns/corefile-migration/migration
 github.com/coredns/corefile-migration/migration/corefile