diff --git a/Doxygen b/Doxygen
index a410d5269..333a09524 100644
--- a/Doxygen
+++ b/Doxygen
@@ -38,7 +38,7 @@ PROJECT_NAME           = "ESPHome"
 # could be handy for archiving the generated documentation or if some version
 # control system is used.
 
-PROJECT_NUMBER         = 2023.5.3
+PROJECT_NUMBER         = 2023.5.4
 
 # Using the PROJECT_BRIEF tag one can provide an optional one line description
 # for a project that appears at the top of each page and should give viewer a
diff --git a/Makefile b/Makefile
index 517b1bc94..1ff89acd4 100644
--- a/Makefile
+++ b/Makefile
@@ -1,5 +1,5 @@
 ESPHOME_PATH = ../esphome
-ESPHOME_REF = 2023.5.3
+ESPHOME_REF = 2023.5.4
 
 .PHONY: html html-strict cleanhtml deploy help live-html Makefile netlify netlify-api api netlify-dependencies svg2png copy-svg2png minify
 
diff --git a/_static/version b/_static/version
index d4a807232..e109095fb 100644
--- a/_static/version
+++ b/_static/version
@@ -1 +1 @@
-2023.5.3
\ No newline at end of file
+2023.5.4
\ No newline at end of file
diff --git a/changelog/2023.5.0.rst b/changelog/2023.5.0.rst
index 21098269b..68f4b9ff4 100644
--- a/changelog/2023.5.0.rst
+++ b/changelog/2023.5.0.rst
@@ -71,6 +71,15 @@ Release 2023.5.3 - May 22
 - Allow microphone channel to be specified in config :esphomepr:`4871` by :ghuser:`jesserockz`
 - [PSRam] Change log unit to KB to minimize rounding error. :esphomepr:`4872` by :ghuser:`Fabian-Schmidt`
 
+Release 2023.5.4 - May 24
+-------------------------
+
+- [internal_temperature] ESP32-S3 needs ESP IDF V4.4.3 or higher :esphomepr:`4873` by :ghuser:`Fabian-Schmidt`
+- Update cover.h for compile errors with stop() :esphomepr:`4879` by :ghuser:`Davrosx`
+- Print ESPHome version when running commands :esphomepr:`4883` by :ghuser:`jesserockz`
+- fix modbus sending FP32_R values :esphomepr:`4882` by :ghuser:`ssieb`
+- Fix esp32_rmt_led_strip color modes :esphomepr:`4886` by :ghuser:`jesserockz`
+
 Full list of changes
 --------------------
 
diff --git a/conf.py b/conf.py
index cada2c4ab..bed8c8192 100644
--- a/conf.py
+++ b/conf.py
@@ -69,7 +69,7 @@ author = "ESPHome"
 # The short X.Y version.
 version = "2023.5"
 # The full version, including alpha/beta/rc tags.
-release = "2023.5.3"
+release = "2023.5.4"
 
 # The language for content autogenerated by Sphinx. Refer to documentation
 # for a list of supported languages.
diff --git a/guides/supporters.rst b/guides/supporters.rst
index 33d408360..5437f485d 100644
--- a/guides/supporters.rst
+++ b/guides/supporters.rst
@@ -278,6 +278,7 @@ Contributors
 - `David Newgas (@davidn) <https://github.com/davidn>`__
 - `David Noyes (@davidnoyes) <https://github.com/davidnoyes>`__
 - `David Zovko (@davidzovko) <https://github.com/davidzovko>`__
+- `Davrosx (@Davrosx) <https://github.com/Davrosx>`__
 - `Davy Landman (@DavyLandman) <https://github.com/DavyLandman>`__
 - `Dawid Cieszyński (@dawidcieszynski) <https://github.com/dawidcieszynski>`__
 - `Darren Tucker (@daztucker) <https://github.com/daztucker>`__
@@ -555,6 +556,7 @@ Contributors
 - `Jason Hines (@jasonehines) <https://github.com/jasonehines>`__
 - `JasperPlant (@JasperPlant) <https://github.com/JasperPlant>`__
 - `Jas Strong (@jasstrong) <https://github.com/jasstrong>`__
+- `Jay Newstrom (@JayNewstrom) <https://github.com/JayNewstrom>`__
 - `Jeff (@jazzmonger) <https://github.com/jazzmonger>`__
 - `Jonas Bergler (@jbergler) <https://github.com/jbergler>`__
 - `JbLb (@jblb) <https://github.com/jblb>`__
@@ -1156,4 +1158,4 @@ Contributors
 - `Zack Barett (@zsarnett) <https://github.com/zsarnett>`__
 - `Christian Zufferey (@zuzu59) <https://github.com/zuzu59>`__
 
-*This page was last updated May 22, 2023.*
+*This page was last updated May 24, 2023.*