diff --git a/.changes/next-release/feature-AWSSDKforJavav2-d270782.json b/.changes/next-release/feature-AWSSDKforJavav2-d270782.json
new file mode 100644
index 00000000000..bf903fd4ef7
--- /dev/null
+++ b/.changes/next-release/feature-AWSSDKforJavav2-d270782.json
@@ -0,0 +1,6 @@
+{
+    "type": "feature",
+    "category": "AWS SDK for Java v2",
+    "contributor": "",
+    "description": "Update Netty to `4.1.123`."
+}
diff --git a/pom.xml b/pom.xml
index f883bc0047a..afb70f7f47a 100644
--- a/pom.xml
+++ b/pom.xml
@@ -116,7 +116,7 @@
         <equalsverifier.version>3.15.1</equalsverifier.version>
         <!-- Update netty-open-ssl-version accordingly whenever we update netty version-->
         <!-- https://github.com/netty/netty/blob/4.1/pom.xml search "tcnative.version" -->
-        <netty.version>4.1.118.Final</netty.version>
+        <netty.version>4.1.123.Final</netty.version>
         <unitils.version>3.4.6</unitils.version>
         <xmlunit.version>1.3</xmlunit.version>
         <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
@@ -141,7 +141,7 @@
         <jimfs.version>1.1</jimfs.version>
         <testng.version>7.1.0</testng.version> <!-- TCK Tests -->
         <commons-lang.verson>2.6</commons-lang.verson>
-        <netty-open-ssl-version>2.0.70.Final</netty-open-ssl-version>
+        <netty-open-ssl-version>2.0.72.Final</netty-open-ssl-version>
         <dynamodb-local.version>1.25.0</dynamodb-local.version>
         <sqllite.version>1.0.392</sqllite.version>
         <blockhound.version>1.0.8.RELEASE</blockhound.version>