diff --git a/package/python-arrow/Config.in b/package/python-arrow/Config.in
index 1458556830..aed9a682ff 100644
--- a/package/python-arrow/Config.in
+++ b/package/python-arrow/Config.in
@@ -1,8 +1,7 @@
 config BR2_PACKAGE_PYTHON_ARROW
 	bool "python-arrow"
+	depends on BR2_PACKAGE_PYTHON3
 	select BR2_PACKAGE_PYTHON_DATEUTIL # runtime
-	select BR2_PACKAGE_PYTHON_BACKPORTS_FUNCTOOLS_LRU_CACHE \
-	       if BR2_PACKAGE_PYTHON # runtime
 	help
 	  Better dates and times for Python.
 
diff --git a/package/python-arrow/python-arrow.hash b/package/python-arrow/python-arrow.hash
index 90e0533232..9216e1c26c 100644
--- a/package/python-arrow/python-arrow.hash
+++ b/package/python-arrow/python-arrow.hash
@@ -1,5 +1,5 @@
 # md5, sha256 from https://pypi.org/pypi/arrow/json
-md5	554f18b0e23182ee0e8cb2a882d2f607  arrow-0.15.2.tar.gz
-sha256	10257c5daba1a88db34afa284823382f4963feca7733b9107956bed041aff24f  arrow-0.15.2.tar.gz
+md5  608682052926c7e5636285af0618ef38  arrow-1.2.0.tar.gz
+sha256  16fc29bbd9e425e3eb0fef3018297910a0f4568f21116fc31771e2760a50e074  arrow-1.2.0.tar.gz
 # Locally computed sha256 checksums
-sha256	a4b7601be50569c2c96a9818fc809b0149410c84c99714d60c9d4fb0ae861fa2  LICENSE
+sha256  40d6e1255d7151f5f041a514725d3c94ffa8c1881e5a0c29b6bea93f03e2e3bb  LICENSE
diff --git a/package/python-arrow/python-arrow.mk b/package/python-arrow/python-arrow.mk
index f8326288b2..a20ac8dbc7 100644
--- a/package/python-arrow/python-arrow.mk
+++ b/package/python-arrow/python-arrow.mk
@@ -4,9 +4,9 @@
 #
 ################################################################################
 
-PYTHON_ARROW_VERSION = 0.15.2
+PYTHON_ARROW_VERSION = 1.2.0
 PYTHON_ARROW_SOURCE = arrow-$(PYTHON_ARROW_VERSION).tar.gz
-PYTHON_ARROW_SITE = https://files.pythonhosted.org/packages/43/0e/47416c54ad7742981bf77fdfc405987551ab14b181a6140c8cd2a5823872
+PYTHON_ARROW_SITE = https://files.pythonhosted.org/packages/dc/bd/2565b8533bb8cf66e10a9e68a1d489ad839799b2050f0635039e614e3b1a
 PYTHON_ARROW_SETUP_TYPE = setuptools
 PYTHON_ARROW_LICENSE = Apache-2.0
 PYTHON_ARROW_LICENSE_FILES = LICENSE