Coached by Neil Henry and co-captained by Johnathan Thurston and Matthew Scott, they competed in the National Rugby League's 2012 Telstra Premiership.
They finished the regular season in 5th place and were knocked out in the second week of the finals by the Manly-Warringah Sea Eagles, for the second year in a row.
[1][2][3] In Round 2, the Cowboys defeated the Brisbane Broncos at Suncorp Stadium, with Matthew Bowen scoring the match-winning try on his 30th birthday.
Despite the opening loss, the Cowboys went on to produce a consistent, never once dropping out of the top eight from Round 3 onwards.
Earlier in the season, Matthew Bowen became the first player to play 250 NRL games for North Queensland.