diff --git a/components/esp_common/include/esp_idf_version.h b/components/esp_common/include/esp_idf_version.h
index 5282dff0c9..ae7bb6ee32 100644
--- a/components/esp_common/include/esp_idf_version.h
+++ b/components/esp_common/include/esp_idf_version.h
@@ -15,7 +15,7 @@ extern "C" {
 /** Minor version number (x.X.x) */
 #define ESP_IDF_VERSION_MINOR   0
 /** Patch version number (x.x.X) */
-#define ESP_IDF_VERSION_PATCH   2
+#define ESP_IDF_VERSION_PATCH   3
 
 /**
  * Macro to convert IDF version number into an integer
diff --git a/tools/cmake/version.cmake b/tools/cmake/version.cmake
index d6a7f50b60..40bc2737d7 100644
--- a/tools/cmake/version.cmake
+++ b/tools/cmake/version.cmake
@@ -1,5 +1,5 @@
 set(IDF_VERSION_MAJOR 5)
 set(IDF_VERSION_MINOR 0)
-set(IDF_VERSION_PATCH 2)
+set(IDF_VERSION_PATCH 3)
 
 set(ENV{IDF_VERSION} "${IDF_VERSION_MAJOR}.${IDF_VERSION_MINOR}.${IDF_VERSION_PATCH}")