diff --git a/components/mbedtls/CMakeLists.txt b/components/mbedtls/CMakeLists.txt
index 28556aeed5..81a67bdc01 100644
--- a/components/mbedtls/CMakeLists.txt
+++ b/components/mbedtls/CMakeLists.txt
@@ -126,6 +126,12 @@ if(${IDF_TARGET} STREQUAL "linux")
 set(mbedtls_target_sources ${mbedtls_target_sources} "${COMPONENT_DIR}/port/net_sockets.c")
 endif()
 
+# While updating to MbedTLS release/v3.4.0, building mbedtls/library/psa_crypto.c
+# clang produces an unreachable-code warning.
+if(CMAKE_C_COMPILER_ID MATCHES "Clang")
+    target_compile_options(mbedcrypto PRIVATE "-Wno-unreachable-code")
+endif()
+
 # net_sockets.c should only be compiled if BSD socket functions are available.
 # Do this by checking if lwip component is included into the build.
 idf_build_get_property(build_components BUILD_COMPONENTS)
diff --git a/components/mbedtls/mbedtls b/components/mbedtls/mbedtls
index 6ee24e3afc..f5fca55508 160000
--- a/components/mbedtls/mbedtls
+++ b/components/mbedtls/mbedtls
@@ -1 +1 @@
-Subproject commit 6ee24e3afc56db0daa35b17e3a4c455ea24da028
+Subproject commit f5fca55508d9d18961b10824d5cf5d8338c087f6