Rodney signed a $1.75 million deal with the Tampa Bay Rays for the 2012 season. While Kyle Farnsworth was on the 60-day disabled list, Rodney performed in the closer role and maintained that role after Farnsworth returned from his injury. He was selected on July 6 to participate in his first ever All-Star Game. On that date, he had converted 24 of 25 save opportunities. At the end of the 2012 season, Rodney had converted 48 saves, the second most that season behind Jim Johnson of the Baltimore Orioles. His 0.60 earned run average for the season was the lowest by a qualifying relief pitcher in major league history. On October 19, 2012, Rodney was named the AL Comeback Player of the Year and the Delivery Man of the Year During his time with the Rays, Rodney mimed shooting an arrow to high center field after converting a save as his celebration move.