diff --git a/package/python-pymodbus/python-pymodbus.hash b/package/python-pymodbus/python-pymodbus.hash
index b1183fba1e..ddeeb6afb6 100644
--- a/package/python-pymodbus/python-pymodbus.hash
+++ b/package/python-pymodbus/python-pymodbus.hash
@@ -1,5 +1,5 @@
 # md5, sha256 from https://pypi.org/pypi/pymodbus/json
-md5  c120f359fa9a0bba0c450efcb93941e9  pymodbus-3.12.0.tar.gz
-sha256  3fafe85e5d82bb9bcbda14b97a0e69a47dc46be55631e9f988adfaf95140c44b  pymodbus-3.12.0.tar.gz
+md5  d706a1227df2b0efa613ebbf3996ed40  pymodbus-3.12.1.tar.gz
+sha256  bcb483381747b3e3aec2c8e01d5df885e5ea43f85b7145dc1907af06aca93a2c  pymodbus-3.12.1.tar.gz
 # Locally computed sha256 checksums
 sha256  572a4d6fa7541553f70cc6d494fbcbee7eb7d3f2fbd16080d39b20cccda26f0b  LICENSE
diff --git a/package/python-pymodbus/python-pymodbus.mk b/package/python-pymodbus/python-pymodbus.mk
index 75c0bdc35a..db12e2943d 100644
--- a/package/python-pymodbus/python-pymodbus.mk
+++ b/package/python-pymodbus/python-pymodbus.mk
@@ -4,9 +4,9 @@
 #
 ################################################################################
 
-PYTHON_PYMODBUS_VERSION = 3.12.0
+PYTHON_PYMODBUS_VERSION = 3.12.1
 PYTHON_PYMODBUS_SOURCE = pymodbus-$(PYTHON_PYMODBUS_VERSION).tar.gz
-PYTHON_PYMODBUS_SITE = https://files.pythonhosted.org/packages/41/dc/8db192f3a66032e1bd900eb87b5bbcb539d5118f520372af0cb92ba42499
+PYTHON_PYMODBUS_SITE = https://files.pythonhosted.org/packages/c8/cf/9ace571421e4ed8bc870e79caca7fe04b7e2529764494f1fb406053640ef
 PYTHON_PYMODBUS_SETUP_TYPE = setuptools
 PYTHON_PYMODBUS_LICENSE = BSD-3-Clause
 PYTHON_PYMODBUS_LICENSE_FILES = LICENSE