diff --git a/package/python-dotenv/python-dotenv.hash b/package/python-dotenv/python-dotenv.hash
index 5b4be41206..53ab12e11c 100644
--- a/package/python-dotenv/python-dotenv.hash
+++ b/package/python-dotenv/python-dotenv.hash
@@ -1,5 +1,5 @@
 # md5, sha256 from https://pypi.org/pypi/python-dotenv/json
-md5  b3e9652d1974f8c7574c43f719799f3a  python_dotenv-1.1.1.tar.gz
-sha256  a8a6399716257f45be6a007360200409fce5cda2661e3dec71d23dc15f6189ab  python_dotenv-1.1.1.tar.gz
+md5  72b43685c14b492ced7ed6fb1e3f1d63  python_dotenv-1.2.1.tar.gz
+sha256  42667e897e16ab0d66954af0e60a9caa94f0fd4ecf3aaf6d2d260eec1aa36ad6  python_dotenv-1.2.1.tar.gz
 # Locally computed sha256 checksums
 sha256  80619b7049f08c81683ad0e01f08f257a840652dd71ee83146d36658c7d2c2b9  LICENSE
diff --git a/package/python-dotenv/python-dotenv.mk b/package/python-dotenv/python-dotenv.mk
index 8f11c5de8d..6ebc4f6c8c 100644
--- a/package/python-dotenv/python-dotenv.mk
+++ b/package/python-dotenv/python-dotenv.mk
@@ -4,9 +4,9 @@
 #
 ################################################################################
 
-PYTHON_DOTENV_VERSION = 1.1.1
+PYTHON_DOTENV_VERSION = 1.2.1
 PYTHON_DOTENV_SOURCE = python_dotenv-$(PYTHON_DOTENV_VERSION).tar.gz
-PYTHON_DOTENV_SITE = https://files.pythonhosted.org/packages/f6/b0/4bc07ccd3572a2f9df7e6782f52b0c6c90dcbb803ac4a167702d7d0dfe1e
+PYTHON_DOTENV_SITE = https://files.pythonhosted.org/packages/f0/26/19cadc79a718c5edbec86fd4919a6b6d3f681039a2f6d66d14be94e75fb9
 PYTHON_DOTENV_SETUP_TYPE = setuptools
 PYTHON_DOTENV_LICENSE = BSD-3-Clause
 PYTHON_DOTENV_LICENSE_FILES = LICENSE