diff --git a/v2ray-core/Makefile b/v2ray-core/Makefile
index 2727b4890b7..ec74727d68d 100644
--- a/v2ray-core/Makefile
+++ b/v2ray-core/Makefile
@@ -5,12 +5,12 @@
 include $(TOPDIR)/rules.mk
 
 PKG_NAME:=v2ray-core
-PKG_VERSION:=5.11.0
+PKG_VERSION:=5.12.1
 PKG_RELEASE:=1
 
 PKG_SOURCE:=$(PKG_NAME)-$(PKG_VERSION).tar.gz
 PKG_SOURCE_URL:=https://codeload.github.com/v2fly/v2ray-core/tar.gz/v$(PKG_VERSION)?
-PKG_HASH:=c25490d6b0600cd316409f112d39e10f5d7c66bb89f18dafcd3a95d26f889bc2
+PKG_HASH:=fa1845d42b46c6b5046a8f95d49cc7a9175e40efc5c13b95174b4c556567aca1
 
 PKG_LICENSE:=MIT
 PKG_LICENSE_FILES:=LICENSE