diff --git a/.gitlab/ci/common.yml b/.gitlab/ci/common.yml
index 4381cea970..912f706da4 100644
--- a/.gitlab/ci/common.yml
+++ b/.gitlab/ci/common.yml
@@ -39,7 +39,7 @@ variables:
   GIT_FETCH_EXTRA_FLAGS: "--no-recurse-submodules --prune --prune-tags"
   # we're using .cache folder for caches
   GIT_CLEAN_FLAGS: -ffdx -e .cache/
-  LATEST_GIT_TAG: v5.3
+  LATEST_GIT_TAG: v5.3.1
 
   SUBMODULE_FETCH_TOOL: "tools/ci/ci_fetch_submodule.py"
   # by default we will fetch all submodules
diff --git a/components/esp_common/include/esp_idf_version.h b/components/esp_common/include/esp_idf_version.h
index 4cb488257a..d3e010a20e 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   3
 /** Patch version number (x.x.X) */
-#define ESP_IDF_VERSION_PATCH   0
+#define ESP_IDF_VERSION_PATCH   1
 
 /**
  * Macro to convert IDF version number into an integer
diff --git a/tools/cmake/version.cmake b/tools/cmake/version.cmake
index 4db536bdaa..e01881ca4d 100644
--- a/tools/cmake/version.cmake
+++ b/tools/cmake/version.cmake
@@ -1,5 +1,5 @@
 set(IDF_VERSION_MAJOR 5)
 set(IDF_VERSION_MINOR 3)
-set(IDF_VERSION_PATCH 0)
+set(IDF_VERSION_PATCH 1)
 
 set(ENV{IDF_VERSION} "${IDF_VERSION_MAJOR}.${IDF_VERSION_MINOR}.${IDF_VERSION_PATCH}")