diff --git a/esphome-beta/CHANGELOG.md b/esphome-beta/CHANGELOG.md
index 0ae3427..b9beee4 100644
--- a/esphome-beta/CHANGELOG.md
+++ b/esphome-beta/CHANGELOG.md
@@ -1,5 +1,8 @@
-## 2023.5.3
+## 2023.5.4
 
-- Allow microphone channel to be specified in config [esphome#4871](https://github.com/esphome/esphome/pull/4871) by [@jesserockz](https://github.com/jesserockz)
-- [PSRam] Change log unit to KB to minimize rounding error. [esphome#4872](https://github.com/esphome/esphome/pull/4872) by [@Fabian-Schmidt](https://github.com/Fabian-Schmidt)
+- [internal_temperature] ESP32-S3 needs ESP IDF V4.4.3 or higher [esphome#4873](https://github.com/esphome/esphome/pull/4873) by [@Fabian-Schmidt](https://github.com/Fabian-Schmidt)
+- Update cover.h for compile errors with stop() [esphome#4879](https://github.com/esphome/esphome/pull/4879) by [@Davrosx](https://github.com/Davrosx)
+- Print ESPHome version when running commands [esphome#4883](https://github.com/esphome/esphome/pull/4883) by [@jesserockz](https://github.com/jesserockz)
+- fix modbus sending FP32_R values [esphome#4882](https://github.com/esphome/esphome/pull/4882) by [@ssieb](https://github.com/ssieb)
+- Fix esp32_rmt_led_strip color modes [esphome#4886](https://github.com/esphome/esphome/pull/4886) by [@jesserockz](https://github.com/jesserockz)
 
diff --git a/esphome-beta/config.yaml b/esphome-beta/config.yaml
index 8880ad6..417615b 100644
--- a/esphome-beta/config.yaml
+++ b/esphome-beta/config.yaml
@@ -32,7 +32,7 @@ backup_exclude:
 - '*/*/'
 init: false
 name: ESPHome (beta)
-version: 2023.5.3
+version: 2023.5.4
 slug: esphome-beta
 description: Beta version of ESPHome add-on
 image: ghcr.io/esphome/esphome-hassio
diff --git a/esphome/CHANGELOG.md b/esphome/CHANGELOG.md
index 0ae3427..b9beee4 100644
--- a/esphome/CHANGELOG.md
+++ b/esphome/CHANGELOG.md
@@ -1,5 +1,8 @@
-## 2023.5.3
+## 2023.5.4
 
-- Allow microphone channel to be specified in config [esphome#4871](https://github.com/esphome/esphome/pull/4871) by [@jesserockz](https://github.com/jesserockz)
-- [PSRam] Change log unit to KB to minimize rounding error. [esphome#4872](https://github.com/esphome/esphome/pull/4872) by [@Fabian-Schmidt](https://github.com/Fabian-Schmidt)
+- [internal_temperature] ESP32-S3 needs ESP IDF V4.4.3 or higher [esphome#4873](https://github.com/esphome/esphome/pull/4873) by [@Fabian-Schmidt](https://github.com/Fabian-Schmidt)
+- Update cover.h for compile errors with stop() [esphome#4879](https://github.com/esphome/esphome/pull/4879) by [@Davrosx](https://github.com/Davrosx)
+- Print ESPHome version when running commands [esphome#4883](https://github.com/esphome/esphome/pull/4883) by [@jesserockz](https://github.com/jesserockz)
+- fix modbus sending FP32_R values [esphome#4882](https://github.com/esphome/esphome/pull/4882) by [@ssieb](https://github.com/ssieb)
+- Fix esp32_rmt_led_strip color modes [esphome#4886](https://github.com/esphome/esphome/pull/4886) by [@jesserockz](https://github.com/jesserockz)
 
diff --git a/esphome/config.yaml b/esphome/config.yaml
index c4b53e4..10104d2 100644
--- a/esphome/config.yaml
+++ b/esphome/config.yaml
@@ -32,7 +32,7 @@ backup_exclude:
 - '*/*/'
 init: false
 name: ESPHome
-version: 2023.5.3
+version: 2023.5.4
 slug: esphome
 description: ESPHome add-on for intelligently managing all your ESP8266/ESP32 devices
 image: ghcr.io/esphome/esphome-hassio
diff --git a/template/addon_config.yaml b/template/addon_config.yaml
index b290080..3156318 100644
--- a/template/addon_config.yaml
+++ b/template/addon_config.yaml
@@ -70,7 +70,7 @@ esphome-beta:
   <<: *base
   directory: esphome-beta
   name: ESPHome (beta)
-  version: '2023.5.3'  # BETA
+  version: '2023.5.4'  # BETA
   slug: esphome-beta
   description: "Beta version of ESPHome add-on"
   url: https://beta.esphome.io/
@@ -84,7 +84,7 @@ esphome-stable:
   <<: *base
   directory: esphome
   name: ESPHome
-  version: '2023.5.3'  # STABLE
+  version: '2023.5.4'  # STABLE
   slug: esphome
   description: "ESPHome add-on for intelligently managing all your ESP8266/ESP32 devices"
   image: ghcr.io/esphome/esphome-hassio