diff --git a/conda/environments/cudf_dev_cuda11.0.yml b/conda/environments/cudf_dev_cuda11.0.yml
index 10eb683657b..0b9905c67f9 100644
--- a/conda/environments/cudf_dev_cuda11.0.yml
+++ b/conda/environments/cudf_dev_cuda11.0.yml
@@ -17,7 +17,7 @@ dependencies:
   - python>=3.7,<3.9
   - numba>=0.49,!=0.51.0
   - numpy
-  - pandas>=1.0,<1.3.0dev0
+  - pandas>=1.0,<=1.2.4
   - pyarrow=1.0.1
   - fastavro>=0.22.9
   - notebook>=0.5.0
diff --git a/conda/environments/cudf_dev_cuda11.1.yml b/conda/environments/cudf_dev_cuda11.1.yml
index 30062e38021..4dd3a96c154 100644
--- a/conda/environments/cudf_dev_cuda11.1.yml
+++ b/conda/environments/cudf_dev_cuda11.1.yml
@@ -17,7 +17,7 @@ dependencies:
   - python>=3.7,<3.9
   - numba>=0.49,!=0.51.0
   - numpy
-  - pandas>=1.0,<1.3.0dev0
+  - pandas>=1.0,<=1.2.4
   - pyarrow=1.0.1
   - fastavro>=0.22.9
   - notebook>=0.5.0
diff --git a/conda/environments/cudf_dev_cuda11.2.yml b/conda/environments/cudf_dev_cuda11.2.yml
index 63821910790..b2323f2b2e9 100644
--- a/conda/environments/cudf_dev_cuda11.2.yml
+++ b/conda/environments/cudf_dev_cuda11.2.yml
@@ -17,7 +17,7 @@ dependencies:
   - python>=3.7,<3.9
   - numba>=0.49,!=0.51.0
   - numpy
-  - pandas>=1.0,<1.3.0dev0
+  - pandas>=1.0,<=1.2.4
   - pyarrow=1.0.1
   - fastavro>=0.22.9
   - notebook>=0.5.0
diff --git a/conda/recipes/cudf/meta.yaml b/conda/recipes/cudf/meta.yaml
index 5635f54ba20..c9d2ee06d58 100644
--- a/conda/recipes/cudf/meta.yaml
+++ b/conda/recipes/cudf/meta.yaml
@@ -35,7 +35,7 @@ requirements:
     - protobuf
     - python
     - typing_extensions
-    - pandas >=1.0,<1.3.0dev0
+    - pandas >=1.0,<=1.2.4
     - cupy >7.1.0,<9.0.0a0
     - numba >=0.49.0
     - numpy
diff --git a/python/cudf/requirements/cuda-11.0/dev_requirements.txt b/python/cudf/requirements/cuda-11.0/dev_requirements.txt
index 278b1a6bf61..db9a19537d2 100644
--- a/python/cudf/requirements/cuda-11.0/dev_requirements.txt
+++ b/python/cudf/requirements/cuda-11.0/dev_requirements.txt
@@ -21,7 +21,7 @@ numpy
 numpydoc
 nvtx>=0.2.1
 packaging
-pandas>=1.0,<1.3.0dev0
+pandas>=1.0,<=1.2.4
 pandoc==2.0a4
 protobuf
 pyorc
diff --git a/python/cudf/requirements/cuda-11.1/dev_requirements.txt b/python/cudf/requirements/cuda-11.1/dev_requirements.txt
index fafdc7d7d4f..488d0daabd7 100644
--- a/python/cudf/requirements/cuda-11.1/dev_requirements.txt
+++ b/python/cudf/requirements/cuda-11.1/dev_requirements.txt
@@ -21,7 +21,7 @@ numpy
 numpydoc
 nvtx>=0.2.1
 packaging
-pandas>=1.0,<1.3.0dev0
+pandas>=1.0,<=1.2.4
 pandoc==2.0a4
 protobuf
 pyorc
diff --git a/python/cudf/requirements/cuda-11.2/dev_requirements.txt b/python/cudf/requirements/cuda-11.2/dev_requirements.txt
index db434b7c8ec..33875e01c58 100644
--- a/python/cudf/requirements/cuda-11.2/dev_requirements.txt
+++ b/python/cudf/requirements/cuda-11.2/dev_requirements.txt
@@ -21,7 +21,7 @@ numpy
 numpydoc
 nvtx>=0.2.1
 packaging
-pandas>=1.0,<1.3.0dev0
+pandas>=1.0,<=1.2.4
 pandoc==2.0a4
 protobuf
 pyorc
diff --git a/python/cudf/setup.py b/python/cudf/setup.py
index 5d95516c0dd..67a2238eeca 100644
--- a/python/cudf/setup.py
+++ b/python/cudf/setup.py
@@ -24,7 +24,7 @@
     "fastavro>=0.22.9",
     "fsspec>=0.6.0",
     "numpy",
-    "pandas>=1.0,<1.3.0dev0",
+    "pandas>=1.0,<=1.2.4",
     "typing_extensions",
     "protobuf",
     "nvtx>=0.2.1",
diff --git a/python/dask_cudf/dev_requirements.txt b/python/dask_cudf/dev_requirements.txt
index c157c0be86f..f98d2c50c99 100644
--- a/python/dask_cudf/dev_requirements.txt
+++ b/python/dask_cudf/dev_requirements.txt
@@ -5,7 +5,7 @@ distributed>=2.22.0,<=2021.4.0
 fsspec>=0.6.0
 numba>=0.49.0,!=0.51.0
 numpy
-pandas>=1.0,<1.3.0dev0
+pandas>=1.0,<=1.2.4
 pytest
 setuptools
 wheel
diff --git a/python/dask_cudf/setup.py b/python/dask_cudf/setup.py
index f735d895095..9e2224338cc 100644
--- a/python/dask_cudf/setup.py
+++ b/python/dask_cudf/setup.py
@@ -14,13 +14,13 @@
     "distributed>=2.22.0,<=2021.4.0",
     "fsspec>=0.6.0",
     "numpy",
-    "pandas>=1.0,<1.3.0dev0",
+    "pandas>=1.0,<=1.2.4",
 ]
 
 extras_require = {
     "test": [
         "numpy",
-        "pandas>=1.0,<1.3.0dev0",
+        "pandas>=1.0,<=1.2.4",
         "pytest",
         "numba>=0.49.0,!=0.51.0",
         "dask==2021.4.0",