diff --git a/Doxygen b/Doxygen
index b8b707d8e..708d9500c 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         = 2024.3.0b4
+PROJECT_NUMBER         = 2024.3.0b5
 
 # 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 e898a5af7..83c0d78ad 100644
--- a/Makefile
+++ b/Makefile
@@ -1,5 +1,5 @@
 ESPHOME_PATH = ../esphome
-ESPHOME_REF = 2024.3.0b4
+ESPHOME_REF = 2024.3.0b5
 
 .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 12d54d61f..ecb5ec0d2 100644
--- a/_static/version
+++ b/_static/version
@@ -1 +1 @@
-2024.3.0b4
\ No newline at end of file
+2024.3.0b5
\ No newline at end of file
diff --git a/conf.py b/conf.py
index fbe8bd0a2..b2aef1ae9 100644
--- a/conf.py
+++ b/conf.py
@@ -69,7 +69,7 @@ author = "ESPHome"
 # The short X.Y version.
 version = "2024.3"
 # The full version, including alpha/beta/rc tags.
-release = "2024.3.0b4"
+release = "2024.3.0b5"
 
 # The language for content autogenerated by Sphinx. Refer to documentation
 # for a list of supported languages.