In TFS / Visual Studio 2012, you have a few options.
Rollback to a specific version
In Source Control Explorer:
- Right Click the branch you wish to roll back
- Click Rollback…
- Choose Rollback to a specific version
- Enter the changeset number you wish to roll back to.
Rollback a single changeset (you can do this through the dialog loaded above too)
- Right click the changeset you wish to rollback
- Choose Rollback entire changset
Checkin the rollback.
Source: visual studio – Rollback a changeset in tfs – Stack Overflow