diff --git a/homeassistant/const.py b/homeassistant/const.py
index 05e9808473a..6bb2204ce26 100644
--- a/homeassistant/const.py
+++ b/homeassistant/const.py
@@ -8,7 +8,7 @@ from .backports.enum import StrEnum
 APPLICATION_NAME: Final = "HomeAssistant"
 MAJOR_VERSION: Final = 2023
 MINOR_VERSION: Final = 5
-PATCH_VERSION: Final = "3"
+PATCH_VERSION: Final = "4"
 __short_version__: Final = f"{MAJOR_VERSION}.{MINOR_VERSION}"
 __version__: Final = f"{__short_version__}.{PATCH_VERSION}"
 REQUIRED_PYTHON_VER: Final[tuple[int, int, int]] = (3, 10, 0)
diff --git a/pyproject.toml b/pyproject.toml
index 0c5976ce15b..023f67ac610 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "setuptools.build_meta"
 
 [project]
 name        = "homeassistant"
-version     = "2023.5.3"
+version     = "2023.5.4"
 license     = {text = "Apache-2.0"}
 description = "Open-source home automation platform running on Python 3."
 readme      = "README.rst"