We have developed a quasi-continuous wave diode end-pumped cryogenically cooled Yb:YAG/Cr:YAG passively Q-switched microchip laser. A maximum energy of 12.1 mJ with 3.7 MW of peak power was obtained. To the best of our knowledge, this is the highest energy and peak power obtained by an Yb:YAG/Cr:YAG microchip laser so far.