diff --git a/Gemfile.lock b/Gemfile.lock
index a4784cc6499..d8fa52a0e55 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -108,7 +108,7 @@ GEM
     capybara-screenshot (1.0.14)
       capybara (>= 1.0, < 3)
       launchy
-    carrierwave (1.2.1)
+    carrierwave (1.2.3)
       activemodel (>= 4.0.0)
       activesupport (>= 4.0.0)
       mime-types (>= 1.16)
diff --git a/changelogs/unreleased/bump-carrierwave-to-1-2-3.yml b/changelogs/unreleased/bump-carrierwave-to-1-2-3.yml
new file mode 100644
index 00000000000..373ac48553e
--- /dev/null
+++ b/changelogs/unreleased/bump-carrierwave-to-1-2-3.yml
@@ -0,0 +1,5 @@
+---
+title: Bump carrierwave gem verion to 1.2.3
+merge_request: 20287
+author:
+type: performance
diff --git a/config/initializers/carrierwave_monkey_patch.rb b/config/initializers/carrierwave_monkey_patch.rb
deleted file mode 100644
index 7543231cd4f..00000000000
--- a/config/initializers/carrierwave_monkey_patch.rb
+++ /dev/null
@@ -1,69 +0,0 @@
-# This fixes the problem https://gitlab.com/gitlab-org/gitlab-ce/issues/46182 that carrierwave eagerly loads upoloading files into memory
-# There is an PR https://github.com/carrierwaveuploader/carrierwave/pull/2314 which has the identical change.
-module CarrierWave
-  module Storage
-    class Fog < Abstract
-      class File
-        module MonkeyPatch
-          ##
-          # Read content of file from service
-          #
-          # === Returns
-          #
-          # [String] contents of file
-          def read
-            file_body = file.body
-
-            return if file_body.nil?
-            return file_body unless file_body.is_a?(::File)
-
-            # Fog::Storage::XXX::File#body could return the source file which was upoloaded to the remote server.
-            read_source_file(file_body) if ::File.exist?(file_body.path)
-
-            # If the source file doesn't exist, the remote content is read
-            @file = nil # rubocop:disable Gitlab/ModuleWithInstanceVariables
-            file.body
-          end
-
-          ##
-          # Write file to service
-          #
-          # === Returns
-          #
-          # [Boolean] true on success or raises error
-          def store(new_file)
-            if new_file.is_a?(self.class) # rubocop:disable Cop/LineBreakAroundConditionalBlock
-              new_file.copy_to(path)
-            else
-              fog_file = new_file.to_file
-              @content_type ||= new_file.content_type # rubocop:disable Gitlab/ModuleWithInstanceVariables
-              @file = directory.files.create({ # rubocop:disable Gitlab/ModuleWithInstanceVariables
-                :body         => fog_file ? fog_file : new_file.read, # rubocop:disable Style/HashSyntax
-                :content_type => @content_type, # rubocop:disable Style/HashSyntax,Gitlab/ModuleWithInstanceVariables
-                :key          => path, # rubocop:disable Style/HashSyntax
-                :public       => @uploader.fog_public # rubocop:disable Style/HashSyntax,Gitlab/ModuleWithInstanceVariables
-              }.merge(@uploader.fog_attributes)) # rubocop:disable Gitlab/ModuleWithInstanceVariables
-              fog_file.close if fog_file && !fog_file.closed?
-            end
-            true
-          end
-
-          private
-
-          def read_source_file(file_body)
-            return unless ::File.exist?(file_body.path)
-
-            begin
-              file_body = ::File.open(file_body.path) if file_body.closed? # Reopen if it's already closed
-              file_body.read
-            ensure
-              file_body.close
-            end
-          end
-        end
-
-        prepend MonkeyPatch
-      end
-    end
-  end
-end