diff --git a/CHANGELOG.md b/CHANGELOG.md
index ef1cb2c83f..01286744ef 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,26 @@
+# 1.2.2 (December 2022)
+
+## Desktop
+
+## Features
+- [Improve DSL for setting a custom Compose Plugin](https://github.com/JetBrains/compose-jb/pull/2527)
+- [Add default ProGuard rules for Kotlin](https://github.com/JetBrains/compose-jb/commit/e6b2f0b8d0dab37529717942859ddc019ceaeecb)
+
+### Fixes
+- Fix [Performance degradation after some time if there are animations on the screen](https://github.com/JetBrains/compose-jb/issues/2455)
+- Fix [SwingPanel throws NPE on focus request if nothing focusable](https://github.com/JetBrains/compose-jb/issues/2512)
+- Fix [jvmTarget value specified using jvmToolchain is ignored and overwritten with "1.8"](https://github.com/JetBrains/compose-jb/issues/2511)
+- Fix [Trying to delete a word via Ctrl+Backspace in an empty TextField causes an exception](https://github.com/JetBrains/compose-jb/issues/2466)
+
+## Dependencies
+This version of Compose Multiplatform is based on the next Jetpack Compose libraries:
+- [Compiler 1.3.2](https://developer.android.com/jetpack/androidx/releases/compose-compiler#1.3.2)
+- [Runtime 1.2.1](https://developer.android.com/jetpack/androidx/releases/compose-runtime#1.2.1)
+- [UI 1.2.1](https://developer.android.com/jetpack/androidx/releases/compose-ui#1.2.1)
+- [Foundation 1.2.1](https://developer.android.com/jetpack/androidx/releases/compose-foundation#1.2.1)
+- [Material 1.2.1](https://developer.android.com/jetpack/androidx/releases/compose-material#1.2.1)
+- [Material3 1.0.0-alpha14](https://developer.android.com/jetpack/androidx/releases/compose-material3#1.0.0-alpha14)
+
 # 1.2.1 (November 2022)
 ## Common
 
@@ -17,7 +40,7 @@
 ### Fixes
 - [Support Kotlin 1.7.20](https://github.com/JetBrains/compose-jb/issues/2349)
 
-## Updated dependencies
+## Dependencies
 This version of Compose Multiplatform is based on the next Jetpack Compose libraries:
 - [Compiler 1.3.2](https://developer.android.com/jetpack/androidx/releases/compose-compiler#1.3.2)
 - [Runtime 1.2.1](https://developer.android.com/jetpack/androidx/releases/compose-runtime#1.2.1)
@@ -98,7 +121,7 @@ This version of Compose Multiplatform is based on the next Jetpack Compose libra
 - [Remove deprecated compose.web.web-widgets from the source code](https://github.com/JetBrains/compose-jb/pull/2294)
 - [Remove unnecessary parameter for `required` attribute](https://github.com/JetBrains/compose-jb/pull/1988)
 
-## Updated dependencies
+## Dependencies
 This version of Compose Multiplatform is based on the next Jetpack Compose libraries:
 - [Compiler 1.3.2](https://developer.android.com/jetpack/androidx/releases/compose-compiler#1.3.2)
 - [Runtime 1.2.1](https://developer.android.com/jetpack/androidx/releases/compose-runtime#1.2.1)
@@ -185,7 +208,7 @@ fun main() = singleWindowApplication {
 ```
 - [`PointerEvent.awtEvent`, `KeyEvent.awtEvent` are deprecated](https://github.com/JetBrains/androidx/pull/198), use `PointerEvent.awtEventOrNull`, `KeyEvent.awtEventOrNull` instead. The event can be null, if it isn't sent by AWT (for example, Compose can send synthetic Move events on relayout)
 
-## Updated dependencies
+## Dependencies
 This version of Compose Multiplatform is based on the next Jetpack Compose libraries:
 - [Compiler 1.1.0](https://developer.android.com/jetpack/androidx/releases/compose-compiler#1.1.0)
 - [Runtime 1.1.0](https://developer.android.com/jetpack/androidx/releases/compose-runtime#1.1.0)
@@ -220,7 +243,7 @@ This is basically 1.0.0 that works with Kotlin 1.6.10
 - [Some functions were made internal (either not related to compose-web or not intended for usage in apps):  buildCSS , StylePropertyList.nativeEquals , variableValue ,  buildCSSStyleRule , buildKeyframes , jsObject , CSSKeyframesRule.appendRule](https://github.com/JetBrains/compose-jb/pull/1509/files)
 - CSSMediaRule: functions feature  and combine  were made extensions functions on GenericStyleSheetBuilder. This makes them consistent with the rest of functions which create CSSMediaQuery.MediaFeature  instances
 
-## Updated dependencies
+## Dependencies
 This version of Compose Multiplatform is based on the next Jetpack Compose libraries:
 - [Compiler 1.1.0-beta02](https://developer.android.com/jetpack/androidx/releases/compose-compiler#1.1.0-beta02)
 - [Runtime 1.1.0-beta02](https://developer.android.com/jetpack/androidx/releases/compose-runtime#1.1.0-beta02)
diff --git a/ci/compose-uber-jar/gradle.properties b/ci/compose-uber-jar/gradle.properties
index fed64522a0..098bee1b68 100644
--- a/ci/compose-uber-jar/gradle.properties
+++ b/ci/compose-uber-jar/gradle.properties
@@ -1,2 +1,2 @@
-compose.version=1.2.1
+compose.version=1.2.2
 kotlin.code.style=official
diff --git a/examples/codeviewer/gradle.properties b/examples/codeviewer/gradle.properties
index c18fa7d46c..501a30ff18 100644
--- a/examples/codeviewer/gradle.properties
+++ b/examples/codeviewer/gradle.properties
@@ -21,4 +21,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/falling-balls/gradle.properties b/examples/falling-balls/gradle.properties
index f4e41d6457..8e63016e66 100644
--- a/examples/falling-balls/gradle.properties
+++ b/examples/falling-balls/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/imageviewer/gradle.properties b/examples/imageviewer/gradle.properties
index c18fa7d46c..501a30ff18 100755
--- a/examples/imageviewer/gradle.properties
+++ b/examples/imageviewer/gradle.properties
@@ -21,4 +21,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/intellij-plugin/gradle.properties b/examples/intellij-plugin/gradle.properties
index f4e41d6457..8e63016e66 100644
--- a/examples/intellij-plugin/gradle.properties
+++ b/examples/intellij-plugin/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/issues/gradle.properties b/examples/issues/gradle.properties
index 2c1c3e3c14..feeac8925d 100644
--- a/examples/issues/gradle.properties
+++ b/examples/issues/gradle.properties
@@ -21,4 +21,4 @@ android.useAndroidX=true
 android.enableJetifier=true
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/notepad/gradle.properties b/examples/notepad/gradle.properties
index 45803f7987..8c790654b1 100644
--- a/examples/notepad/gradle.properties
+++ b/examples/notepad/gradle.properties
@@ -1,4 +1,4 @@
 org.gradle.jvmargs=-Xmx2048m -Dfile.encoding=UTF-8
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
\ No newline at end of file
+compose.version=1.2.2
diff --git a/examples/todoapp-lite/gradle.properties b/examples/todoapp-lite/gradle.properties
index c18fa7d46c..501a30ff18 100755
--- a/examples/todoapp-lite/gradle.properties
+++ b/examples/todoapp-lite/gradle.properties
@@ -21,4 +21,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/todoapp/gradle.properties b/examples/todoapp/gradle.properties
index 0c6ba7488b..e2206a18a0 100755
--- a/examples/todoapp/gradle.properties
+++ b/examples/todoapp/gradle.properties
@@ -28,4 +28,4 @@ kotlin.native.disableCompilerDaemon=true
 # in Android module (search "Workaround for https://github.com/JetBrains/compose-jb/issues/2340")
 #TODO also change version in buildSrc/gradle.properties
 kotlin.version=1.7.20
-compose.version=1.2.1
\ No newline at end of file
+compose.version=1.2.2
diff --git a/examples/visual-effects/gradle.properties b/examples/visual-effects/gradle.properties
index f4e41d6457..8e63016e66 100644
--- a/examples/visual-effects/gradle.properties
+++ b/examples/visual-effects/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/web-compose-bird/gradle.properties b/examples/web-compose-bird/gradle.properties
index f4e41d6457..8e63016e66 100644
--- a/examples/web-compose-bird/gradle.properties
+++ b/examples/web-compose-bird/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/web-compose-in-js/gradle.properties b/examples/web-compose-in-js/gradle.properties
index 9cbcd91871..e2cbddc78d 100644
--- a/examples/web-compose-in-js/gradle.properties
+++ b/examples/web-compose-in-js/gradle.properties
@@ -3,4 +3,4 @@ kotlin.mpp.enableGranularSourceSetsMetadata=true
 kotlin.native.enableDependencyPropagation=false
 kotlin.js.webpack.major.version=4
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/web-landing/gradle.properties b/examples/web-landing/gradle.properties
index f4e41d6457..8e63016e66 100644
--- a/examples/web-landing/gradle.properties
+++ b/examples/web-landing/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/web-with-react/gradle.properties b/examples/web-with-react/gradle.properties
index f4e41d6457..8e63016e66 100644
--- a/examples/web-with-react/gradle.properties
+++ b/examples/web-with-react/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/examples/widgets-gallery/gradle.properties b/examples/widgets-gallery/gradle.properties
index 83a972fb2d..19f08dccab 100644
--- a/examples/widgets-gallery/gradle.properties
+++ b/examples/widgets-gallery/gradle.properties
@@ -20,5 +20,5 @@ android.enableJetifier=true
 # Kotlin code style for this project: "official" or "obsolete":
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
 agp.version=7.1.3
diff --git a/gradle-plugins/compose/src/main/kotlin/org/jetbrains/compose/ComposeCompilerCompatability.kt b/gradle-plugins/compose/src/main/kotlin/org/jetbrains/compose/ComposeCompilerCompatability.kt
index 6dab826a6b..cd2762459b 100644
--- a/gradle-plugins/compose/src/main/kotlin/org/jetbrains/compose/ComposeCompilerCompatability.kt
+++ b/gradle-plugins/compose/src/main/kotlin/org/jetbrains/compose/ComposeCompilerCompatability.kt
@@ -6,7 +6,7 @@ private const val KOTLIN_COMPATABILITY_LINK =
 internal object ComposeCompilerCompatability {
     private val kotlinToCompiler = sortedMapOf(
         "1.7.10" to "1.3.0",
-        "1.7.20" to "1.3.2.2-beta01",
+        "1.7.20" to "1.3.2.2",
     )
 
     fun compilerVersionFor(kotlinVersion: String): String {
diff --git a/gradle-plugins/gradle.properties b/gradle-plugins/gradle.properties
index f3d7de787c..437a8a98c6 100644
--- a/gradle-plugins/gradle.properties
+++ b/gradle-plugins/gradle.properties
@@ -2,7 +2,7 @@ org.gradle.parallel=true
 kotlin.code.style=official
 
 # Default version of Compose Libraries used by Gradle plugin
-compose.version=1.2.1
+compose.version=1.2.2
 # The latest version of Compose Compiler used by Gradle plugin. Used only in tests/CI.
 compose.tests.compiler.version=1.3.2.1
 # The latest version of Kotlin compatible with compose.tests.compiler.version. Used only in tests/CI.
diff --git a/templates/desktop-template/gradle.properties b/templates/desktop-template/gradle.properties
index d195c98dab..8c790654b1 100644
--- a/templates/desktop-template/gradle.properties
+++ b/templates/desktop-template/gradle.properties
@@ -1,4 +1,4 @@
 org.gradle.jvmargs=-Xmx2048m -Dfile.encoding=UTF-8
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/templates/multiplatform-template/gradle.properties b/templates/multiplatform-template/gradle.properties
index 8666c923ef..2b0f74ba15 100644
--- a/templates/multiplatform-template/gradle.properties
+++ b/templates/multiplatform-template/gradle.properties
@@ -4,4 +4,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/templates/web-template/gradle.properties b/templates/web-template/gradle.properties
index d195c98dab..8c790654b1 100644
--- a/templates/web-template/gradle.properties
+++ b/templates/web-template/gradle.properties
@@ -1,4 +1,4 @@
 org.gradle.jvmargs=-Xmx2048m -Dfile.encoding=UTF-8
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1
+compose.version=1.2.2
diff --git a/tutorials/Getting_Started/README.md b/tutorials/Getting_Started/README.md
index 69e7af4b62..a150a27f8f 100644
--- a/tutorials/Getting_Started/README.md
+++ b/tutorials/Getting_Started/README.md
@@ -43,7 +43,7 @@ For the latest versions, see the [latest versions](https://github.com/JetBrains/
 ```
 plugins {
     kotlin("jvm") version "1.7.20"
-    id("org.jetbrains.compose") version "1.2.1"
+    id("org.jetbrains.compose") version "1.2.2"
 }
 ```
 
@@ -77,7 +77,7 @@ Then create `build.gradle.kts` with the following content:
 ``` kotlin
 plugins {
     kotlin("jvm") version "1.7.20"
-    id("org.jetbrains.compose") version "1.2.1"
+    id("org.jetbrains.compose") version "1.2.2"
 }
 
 repositories {
diff --git a/tutorials/Web/Getting_Started/README.md b/tutorials/Web/Getting_Started/README.md
index a64cbe8e48..f2d6bbbb26 100644
--- a/tutorials/Web/Getting_Started/README.md
+++ b/tutorials/Web/Getting_Started/README.md
@@ -41,7 +41,7 @@ pluginManagement {
 // Add compose gradle plugin
 plugins {
     kotlin("multiplatform") version "1.7.20"
-    id("org.jetbrains.compose") version "1.2.1"
+    id("org.jetbrains.compose") version "1.2.2"
 }
 
 // Add maven repositories
diff --git a/web/gradle.properties b/web/gradle.properties
index 87828539f6..7ad3db3c61 100644
--- a/web/gradle.properties
+++ b/web/gradle.properties
@@ -1,4 +1,4 @@
-compose.version=1.2.1
+compose.version=1.2.2
 compose.web.buildSamples=false
 compose.web.tests.integration.withFirefox
 compose.web.tests.skip.benchmarks=false