diff --git a/CHANGELOG.md b/CHANGELOG.md
index a498f767a0..6cf834da86 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,7 +2,7 @@
 
 ## [UNRELEASED]
 
-No user facing changes.
+- Update default CodeQL bundle version to 2.12.3. [#1543](https://github.com/github/codeql-action/pull/1543)
 
 ## 2.2.4 - 10 Feb 2023
 
diff --git a/lib/defaults.json b/lib/defaults.json
index 7aafe5d73c..dfce96ec2b 100644
--- a/lib/defaults.json
+++ b/lib/defaults.json
@@ -1,6 +1,6 @@
 {
-    "bundleVersion": "codeql-bundle-20230207",
-    "cliVersion": "2.12.2",
-    "priorBundleVersion": "codeql-bundle-20230120",
-    "priorCliVersion": "2.12.1"
+    "bundleVersion": "codeql-bundle-20230217",
+    "cliVersion": "2.12.3",
+    "priorBundleVersion": "codeql-bundle-20230207",
+    "priorCliVersion": "2.12.2"
 }
diff --git a/src/defaults.json b/src/defaults.json
index 8f1a1d0293..c679111533 100644
--- a/src/defaults.json
+++ b/src/defaults.json
@@ -1,6 +1,6 @@
 {
-  "bundleVersion": "codeql-bundle-20230207",
-  "cliVersion": "2.12.2",
-  "priorBundleVersion": "codeql-bundle-20230120",
-  "priorCliVersion": "2.12.1"
+  "bundleVersion": "codeql-bundle-20230217",
+  "cliVersion": "2.12.3",
+  "priorBundleVersion": "codeql-bundle-20230207",
+  "priorCliVersion": "2.12.2"
 }