diff --git a/CHANGELOG.md b/CHANGELOG.md
index 810c550c19494a..2d04bd6c3d9b5d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,125 @@
 # [Versions](https://mui.com/versions/)
 
+## 5.12.3
+
+<!-- generated comparing v5.12.2..master -->
+
+_May 2, 2023_
+
+A big thanks to the 18 contributors who made this release possible. Here are some highlights ✨:
+
+- all planned breaking changes for Base UI are done. The first beta release should come next week 🎉
+- 🐛 bug fixes and 📚 documentation improvements.
+
+### `@mui/material@5.12.3`
+
+- &#8203;<!-- 43 -->[Accordion] Add missing `component` type (#37111) @sai6855
+- &#8203;<!-- 23 -->[ButtonGroup] Should not retain divider color when it is disabled and variant is `text` (#36967) @DavidBoyer11
+- &#8203;<!-- 21 -->[Divider] Fix styles on dividers with text (#35072) @maxdestors
+- &#8203;<!-- 04 -->[TextField] Improve IntelliSense support for props (#36737) @sai6855
+- &#8203;<!-- 03 -->[TextField] Fix running click event on disabled (#36892) @sai6855
+
+### `@mui/joy@5.0.0-alpha.78`
+
+- &#8203;<!-- 09 -->[Joy] Miscellaneous fixes and docs improvement (#37026) @siriwatknp
+
+### `@mui/base@5.0.0-alpha.128`
+
+#### Breaking changes
+
+- The `component` prop is no longer supported because it can be replaced with the slots API. This is how the transformation will look like:
+
+  ```diff
+   <Button
+  -  component="span"
+  +  slots={{ root: "span" }}
+   />
+  ```
+
+  If using TypeScript, the custom component type should be added as a generic on the `Button` component.
+
+  ```diff
+  -<Button
+  +<Button<typeof CustomComponent>
+     slots={{ root: CustomComponent }}
+     customProp="foo"
+   />
+  ```
+
+  There is codemod that you can run in your project to do the transformation:
+
+  ```sh
+  npx @mui/codemod v5.0.0/base-remove-component-prop <path>
+  ```
+
+  The full documentation about the codemod can be found [here](https://github.com/mui/material-ui/blob/master/packages/mui-codemod/README.md#base-remove-component-prop).
+
+  This is the list of PR related to this change:
+
+  - &#8203;<!-- 40 -->[Button][base] Drop `component` prop (#36677) @mnajdova
+  - &#8203;<!-- 42 -->[Badge][base] Drop `component` prop (#37028) @hbjORbj
+  - &#8203;<!-- 37 -->[FormControl][base] Drop component prop (#37031) @hbjORbj
+  - &#8203;<!-- 35 -->[Input][base] Drop component prop (#37057) @hbjORbj
+  - &#8203;<!-- 34 -->[Menu][base] Drop component prop (#37033) @hbjORbj
+  - &#8203;<!-- 33 -->[MenuItem][base] Drop component prop (#37032) @hbjORbj
+  - &#8203;<!-- 32 -->[Modal][base] Drop component prop (#37058) @hbjORbj
+  - &#8203;<!-- 31 -->[Option][base] Drop component prop (#37052) @hbjORbj
+  - &#8203;<!-- 30 -->[OptionGroup][base] Drop component prop (#37055) @hbjORbj
+  - &#8203;<!-- 31 -->[Popper][base] Drop component prop (#37084) @hbjORbj
+  - &#8203;<!-- 29 -->[Select][base] Drop component prop (#37035) @hbjORbj
+  - &#8203;<!-- 28 -->[Slider][base] Drop component prop (#37056) @hbjORbj
+  - &#8203;<!-- 27 -->[Snackbar][base] Drop component prop (#37041) @nicolas-ot
+  - &#8203;<!-- 26 -->[Switch][base] Drop component prop (#37053) @hbjORbj
+  - &#8203;<!-- 25 -->[Tab][base] Drop component prop (#36768) @sai6855
+  - &#8203;<!-- 24 -->[Tabs][base] Drop component prop (#36770) @sai6855
+  - &#8203;<!-- 08 -->[TablePagination][base] Drop component prop (#37059) @sai6855
+  - &#8203;<!-- 07 -->[TabPanel][base] Drop component prop (#37054) @sai6855
+  - &#8203;<!-- 06 -->[TabsList][base] Drop component prop (#37042) @sai6855
+
+- &#8203;<!-- 41 -->[base] Improve API consistency (#36970) @michaldudak
+
+  Brought consistency to Base UI components and hooks' parameters and return values:
+
+  1. Whenever a hook needs a ref, it's now called `<slot_name>Ref`, which matches the `get<slot_name>Props` in the return value.
+  2. All hooks that accept external refs now return merged refs, making combining multiple hooks on one element easier. This was proven necessary in several compound components (like menuItem being both a button and a list item). The type of this value is `React.RefCallback` as using the more general `React.Ref` caused variance issues.
+  3. Type of accepted refs is standardized to `React.Ref<Element>`
+  4. Naming and typing of the forwarded ref in unstyled components were standardized - it's forwardedRef: React.ForwardedRef<Element> (unless a more specific type is needed).
+  5. The shape of the definition of unstyled components was standardized - it's React.forwardRef(function Component(props: Props, forwardedRef: React.Ref<Element>) { ... });. Specifically, the generic parameters of forwardRef were removed as they are specified in function arguments.
+
+#### Changes
+
+- &#8203;<!-- 36 -->[FormControl][base] Do not use optional fields in useFormControlContext's return value (#37037) @michaldudak
+
+### Docs
+
+- &#8203;<!-- 39 -->[base][docs] Add Base UI Quickstart Guide (#36717) @mj12albert
+- &#8203;<!-- 20 -->[docs] Fix Material UI's API linking to Base UI (#37121) @mnajdova
+- &#8203;<!-- 19 -->[docs] Fix pagination in the DataGrid demo (#37114) @cherniavskii
+- &#8203;<!-- 18 -->[docs] Add notification to the release of the new Time Picker UI (#37065) @joserodolfofreitas
+- &#8203;<!-- 17 -->[docs] Specify "Material UI" (not "MUI") where appropriate throughout the docs (#37066) @samuelsycamore
+- &#8203;<!-- 16 -->[docs] Use focus-visible instead of focus for Menu demos (#36847) @michaldudak
+- &#8203;<!-- 15 -->[docs] Fix small regressions API pages (#36972) @oliviertassinari
+- &#8203;<!-- 14 -->[docs] Handle a few docs-feedback (#36977) @oliviertassinari
+- &#8203;<!-- 13 -->[docs] Fix anchor link in customization (#37004) @oliviertassinari
+- &#8203;<!-- 12 -->[docs] Add a note about minimal required version for theme merging to the guides (#36973) @jakub-stastny
+- &#8203;<!-- 11 -->[docs] smooth scrolling added for `back to top` (#37011) @PunitSoniME
+- &#8203;<!-- 10 -->[docs] Remove `useFormControl` return values from demos page (#37036) @ZeeshanTamboli
+- &#8203;<!-- 47 --> [docs][base] Move styles to the bottom of demos code for `SwitchUnstyled` (#36720) @varunmulay22
+- &#8203;<!-- 46 --> [docs][base] Move styles to the bottom of demos code for `InputUnstyled` (#36724) @varunmulay22
+- &#8203;<!-- 45 --> [docs][base] Move styles to the bottom of demos code for `SliderUnstyled` (#36721) @varunmulay22
+- &#8203;<!-- 44 --> [docs][base] Move styles to the bottom of demos code for `Snackbar` (#36719) @varunmulay22
+- &#8203;<!-- 38 -->[docs][base] Move styles to the bottom of demos code for `SelectUnstyled` (#36718) @varunmulay22
+- &#8203;<!-- 05 -->[templates] Image not displayed in blog layout of React template. (#36991) @navedqb
+- &#8203;<!-- 02 -->[website] Take the design role offline @oliviertassinari
+- &#8203;<!-- 01 -->[website] Fix URL convention @oliviertassinari
+- &#8203;<!-- 21 -->[docs] Turn off job banner on docs (#36080) @joserodolfofreitas
+
+### Core
+
+- &#8203;<!-- 22 -->[core] Allow type alias as well in hooks API docs generation (#37034) @ZeeshanTamboli
+
+All contributors of this release in alphabetical order: @cherniavskii, @DavidBoyer11, @hbjORbj, @jakub-stastny, @joserodolfofreitas, @maxdestors, @michaldudak, @mj12albert, @mnajdova, @navedqb, @nicolas-ot, @oliviertassinari, @PunitSoniME, @sai6855, @samuelsycamore, @siriwatknp, @varunmulay22, @ZeeshanTamboli
+
 ## 5.12.2
 
 <!-- generated comparing v5.12.1..master -->
diff --git a/benchmark/package.json b/benchmark/package.json
index 88b6f2f474a7a6..c27d62beebf794 100644
--- a/benchmark/package.json
+++ b/benchmark/package.json
@@ -15,9 +15,9 @@
     "@emotion/react": "^11.10.8",
     "@emotion/styled": "^11.10.8",
     "@mdx-js/react": "^2.3.0",
-    "@mui/material": "^5.12.2",
-    "@mui/styles": "^5.12.0",
-    "@mui/system": "^5.12.1",
+    "@mui/material": "^5.12.3",
+    "@mui/styles": "^5.12.3",
+    "@mui/system": "^5.12.3",
     "@styled-system/css": "^5.1.5",
     "benchmark": "^2.1.4",
     "playwright": "^1.31.2",
diff --git a/docs/package.json b/docs/package.json
index 18915c3a4280a0..f1c5b7f318db55 100644
--- a/docs/package.json
+++ b/docs/package.json
@@ -31,18 +31,18 @@
     "@fortawesome/fontawesome-svg-core": "^6.2.1",
     "@fortawesome/free-solid-svg-icons": "^6.2.1",
     "@fortawesome/react-fontawesome": "^0.2.0",
-    "@mui/base": "5.0.0-alpha.127",
-    "@mui/docs": "^5.12.0",
+    "@mui/base": "5.0.0-alpha.128",
+    "@mui/docs": "^5.12.3",
     "@mui/icons-material": "^5.11.16",
-    "@mui/joy": "5.0.0-alpha.77",
-    "@mui/lab": "5.0.0-alpha.128",
+    "@mui/joy": "5.0.0-alpha.78",
+    "@mui/lab": "5.0.0-alpha.129",
     "@mui/markdown": "^5.0.0",
-    "@mui/material": "^5.12.2",
-    "@mui/material-next": "6.0.0-alpha.83",
-    "@mui/styled-engine": "^5.12.0",
+    "@mui/material": "^5.12.3",
+    "@mui/material-next": "6.0.0-alpha.84",
+    "@mui/styled-engine": "^5.12.3",
     "@mui/styled-engine-sc": "^5.12.0",
-    "@mui/styles": "^5.12.0",
-    "@mui/system": "^5.12.1",
+    "@mui/styles": "^5.12.3",
+    "@mui/system": "^5.12.3",
     "@mui/types": "^7.2.4",
     "@mui/x-data-grid": "6.3.0",
     "@mui/x-data-grid-generator": "6.3.0",
diff --git a/package.json b/package.json
index 1ef115d8a923c6..118ddd2aa57210 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/monorepo",
-  "version": "5.12.2",
+  "version": "5.12.3",
   "private": true,
   "scripts": {
     "proptypes": "cross-env BABEL_ENV=development babel-node --extensions \".tsx,.ts,.js\" ./scripts/generateProptypes.ts",
diff --git a/packages/mui-base/package.json b/packages/mui-base/package.json
index a6c61244b149f7..195255c20f8c52 100644
--- a/packages/mui-base/package.json
+++ b/packages/mui-base/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/base",
-  "version": "5.0.0-alpha.127",
+  "version": "5.0.0-alpha.128",
   "private": false,
   "author": "MUI Team",
   "description": "A library of headless ('unstyled') React UI components and low-level hooks.",
@@ -54,7 +54,7 @@
     "@babel/runtime": "^7.21.0",
     "@emotion/is-prop-valid": "^1.2.0",
     "@mui/types": "^7.2.4",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "@popperjs/core": "^2.11.7",
     "clsx": "^1.2.1",
     "prop-types": "^15.8.1",
diff --git a/packages/mui-codemod/package.json b/packages/mui-codemod/package.json
index ff5c10939b8309..dca4044863e544 100644
--- a/packages/mui-codemod/package.json
+++ b/packages/mui-codemod/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/codemod",
-  "version": "5.12.2",
+  "version": "5.12.3",
   "bin": "./codemod.js",
   "private": false,
   "author": "MUI Team",
diff --git a/packages/mui-core-downloads-tracker/package.json b/packages/mui-core-downloads-tracker/package.json
index fb3a51c4433eb5..35e993ddd0a1e9 100644
--- a/packages/mui-core-downloads-tracker/package.json
+++ b/packages/mui-core-downloads-tracker/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/core-downloads-tracker",
-  "version": "5.12.2",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "Internal package to track number of downloads of our design system libraries",
diff --git a/packages/mui-docs/package.json b/packages/mui-docs/package.json
index 4549d77efe53c1..0a680144d847fc 100644
--- a/packages/mui-docs/package.json
+++ b/packages/mui-docs/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/docs",
-  "version": "5.12.0",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "MUI Docs - Documentation building blocks.",
@@ -45,7 +45,7 @@
   },
   "dependencies": {
     "@babel/runtime": "^7.21.0",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "nprogress": "^0.2.0"
   },
   "publishConfig": {
diff --git a/packages/mui-joy/package.json b/packages/mui-joy/package.json
index cc602cf2492719..49c3e645ffc883 100644
--- a/packages/mui-joy/package.json
+++ b/packages/mui-joy/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/joy",
-  "version": "5.0.0-alpha.77",
+  "version": "5.0.0-alpha.78",
   "private": false,
   "author": "MUI Team",
   "description": "A library of beautifully designed React UI components.",
@@ -57,11 +57,11 @@
   },
   "dependencies": {
     "@babel/runtime": "^7.21.0",
-    "@mui/base": "5.0.0-alpha.127",
-    "@mui/core-downloads-tracker": "^5.12.2",
-    "@mui/system": "^5.12.1",
+    "@mui/base": "5.0.0-alpha.128",
+    "@mui/core-downloads-tracker": "^5.12.3",
+    "@mui/system": "^5.12.3",
     "@mui/types": "^7.2.4",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "clsx": "^1.2.1",
     "csstype": "^3.1.2",
     "prop-types": "^15.8.1",
diff --git a/packages/mui-lab/package.json b/packages/mui-lab/package.json
index 4cc83cd6d14b61..f95d5e68588a8b 100644
--- a/packages/mui-lab/package.json
+++ b/packages/mui-lab/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/lab",
-  "version": "5.0.0-alpha.128",
+  "version": "5.0.0-alpha.129",
   "private": false,
   "author": "MUI Team",
   "description": "Laboratory for new MUI modules.",
@@ -61,10 +61,10 @@
   },
   "dependencies": {
     "@babel/runtime": "^7.21.0",
-    "@mui/base": "5.0.0-alpha.127",
-    "@mui/system": "^5.12.1",
+    "@mui/base": "5.0.0-alpha.128",
+    "@mui/system": "^5.12.3",
     "@mui/types": "^7.2.4",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "clsx": "^1.2.1",
     "prop-types": "^15.8.1",
     "react-is": "^18.2.0"
diff --git a/packages/mui-material-next/package.json b/packages/mui-material-next/package.json
index 31bacdf7877078..7a998b8b918e5e 100644
--- a/packages/mui-material-next/package.json
+++ b/packages/mui-material-next/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/material-next",
-  "version": "6.0.0-alpha.83",
+  "version": "6.0.0-alpha.84",
   "private": false,
   "author": "MUI Team",
   "description": "v6-alpha: React components that implement Google's Material Design",
@@ -59,11 +59,11 @@
   },
   "dependencies": {
     "@babel/runtime": "^7.21.0",
-    "@mui/base": "5.0.0-alpha.127",
-    "@mui/material": "^5.12.2",
-    "@mui/system": "^5.12.1",
+    "@mui/base": "5.0.0-alpha.128",
+    "@mui/material": "^5.12.3",
+    "@mui/system": "^5.12.3",
     "@mui/types": "^7.2.4",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "@popperjs/core": "^2.11.7",
     "@types/react-transition-group": "^4.4.5",
     "clsx": "^1.2.1",
diff --git a/packages/mui-material/package.json b/packages/mui-material/package.json
index 494d120dd6d68f..dad1b141ef8079 100644
--- a/packages/mui-material/package.json
+++ b/packages/mui-material/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/material",
-  "version": "5.12.2",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "React components that implement Google's Material Design.",
@@ -61,11 +61,11 @@
   },
   "dependencies": {
     "@babel/runtime": "^7.21.0",
-    "@mui/base": "5.0.0-alpha.127",
-    "@mui/core-downloads-tracker": "^5.12.2",
-    "@mui/system": "^5.12.1",
+    "@mui/base": "5.0.0-alpha.128",
+    "@mui/core-downloads-tracker": "^5.12.3",
+    "@mui/system": "^5.12.3",
     "@mui/types": "^7.2.4",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "@types/react-transition-group": "^4.4.5",
     "clsx": "^1.2.1",
     "csstype": "^3.1.2",
diff --git a/packages/mui-private-theming/package.json b/packages/mui-private-theming/package.json
index 397d7b4b64beeb..4f9119d7736e8d 100644
--- a/packages/mui-private-theming/package.json
+++ b/packages/mui-private-theming/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/private-theming",
-  "version": "5.12.0",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "Private - The React theme context to be shared between `@mui/styles` and `@mui/material`.",
@@ -48,7 +48,7 @@
   },
   "dependencies": {
     "@babel/runtime": "^7.21.0",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "prop-types": "^15.8.1"
   },
   "sideEffects": false,
diff --git a/packages/mui-styled-engine/package.json b/packages/mui-styled-engine/package.json
index 65baa6dfb94d7b..a75da99ee3a599 100644
--- a/packages/mui-styled-engine/package.json
+++ b/packages/mui-styled-engine/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/styled-engine",
-  "version": "5.12.0",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "styled() API wrapper package for emotion.",
diff --git a/packages/mui-styles/package.json b/packages/mui-styles/package.json
index cd618adbdc552f..f714a5022048b2 100644
--- a/packages/mui-styles/package.json
+++ b/packages/mui-styles/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/styles",
-  "version": "5.12.0",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "MUI Styles - The legacy JSS-based styling solution of Material UI.",
@@ -49,9 +49,9 @@
   "dependencies": {
     "@babel/runtime": "^7.21.0",
     "@emotion/hash": "^0.9.0",
-    "@mui/private-theming": "^5.12.0",
+    "@mui/private-theming": "^5.12.3",
     "@mui/types": "^7.2.4",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "clsx": "^1.2.1",
     "csstype": "^3.1.2",
     "hoist-non-react-statics": "^3.3.2",
diff --git a/packages/mui-system/package.json b/packages/mui-system/package.json
index 35f568cd571d5a..cce4aeda3ddf54 100644
--- a/packages/mui-system/package.json
+++ b/packages/mui-system/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/system",
-  "version": "5.12.1",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "CSS utilities for rapidly laying out custom designs.",
@@ -58,10 +58,10 @@
   },
   "dependencies": {
     "@babel/runtime": "^7.21.0",
-    "@mui/private-theming": "^5.12.0",
-    "@mui/styled-engine": "^5.12.0",
+    "@mui/private-theming": "^5.12.3",
+    "@mui/styled-engine": "^5.12.3",
     "@mui/types": "^7.2.4",
-    "@mui/utils": "^5.12.0",
+    "@mui/utils": "^5.12.3",
     "clsx": "^1.2.1",
     "csstype": "^3.1.2",
     "prop-types": "^15.8.1"
diff --git a/packages/mui-utils/package.json b/packages/mui-utils/package.json
index 77d5132d685bd2..a3074218d6b394 100644
--- a/packages/mui-utils/package.json
+++ b/packages/mui-utils/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@mui/utils",
-  "version": "5.12.0",
+  "version": "5.12.3",
   "private": false,
   "author": "MUI Team",
   "description": "Utility functions for React components.",