diff --git a/projects/amdsmi/CMakeLists.txt b/projects/amdsmi/CMakeLists.txt
index 9f4310bc8f..614ce51a6c 100755
--- a/projects/amdsmi/CMakeLists.txt
+++ b/projects/amdsmi/CMakeLists.txt
@@ -28,7 +28,7 @@ find_program(GIT NAMES git)
 
 ## Setup the package version based on git tags.
 set(PKG_VERSION_GIT_TAG_PREFIX "amdsmi_pkg_ver")
-get_package_version_number("24.5.2" ${PKG_VERSION_GIT_TAG_PREFIX} GIT)
+get_package_version_number("24.5.3" ${PKG_VERSION_GIT_TAG_PREFIX} GIT)
 message("Package version: ${PKG_VERSION_STR}")
 set(${AMD_SMI_LIBS_TARGET}_VERSION_MAJOR "${CPACK_PACKAGE_VERSION_MAJOR}")
 set(${AMD_SMI_LIBS_TARGET}_VERSION_MINOR "${CPACK_PACKAGE_VERSION_MINOR}")
diff --git a/projects/amdsmi/amdsmi_cli/README.md b/projects/amdsmi/amdsmi_cli/README.md
index affc7a476b..f495e0845d 100644
--- a/projects/amdsmi/amdsmi_cli/README.md
+++ b/projects/amdsmi/amdsmi_cli/README.md
@@ -79,7 +79,7 @@ amd-smi will report the version and current platform detected when running the c
 ~$ amd-smi
 usage: amd-smi [-h]  ...
 
-AMD System Management Interface | Version: 24.5.2.0 | ROCm version: 6.1.2 | Platform: Linux Baremetal
+AMD System Management Interface | Version: 24.5.3.0 | ROCm version: 6.1.2 | Platform: Linux Baremetal
 
 options:
   -h, --help          show this help message and exit
diff --git a/projects/amdsmi/docs/doxygen/Doxyfile b/projects/amdsmi/docs/doxygen/Doxyfile
index 4e09b4615a..193f79cc41 100644
--- a/projects/amdsmi/docs/doxygen/Doxyfile
+++ b/projects/amdsmi/docs/doxygen/Doxyfile
@@ -48,7 +48,7 @@ PROJECT_NAME           = AMD SMI
 # could be handy for archiving the generated documentation or if some version
 # control system is used.
 
-PROJECT_NUMBER         = "24.5.2.0"
+PROJECT_NUMBER         = "24.5.3.0"
 
 # 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/projects/amdsmi/include/amd_smi/amdsmi.h b/projects/amdsmi/include/amd_smi/amdsmi.h
index 0a718aed66..fb2ea71e9f 100644
--- a/projects/amdsmi/include/amd_smi/amdsmi.h
+++ b/projects/amdsmi/include/amd_smi/amdsmi.h
@@ -154,7 +154,7 @@ typedef enum {
 #define AMDSMI_LIB_VERSION_MAJOR 5
 
 //! Minor version should be updated for each API change, but without changing headers
-#define AMDSMI_LIB_VERSION_MINOR 2
+#define AMDSMI_LIB_VERSION_MINOR 3
 
 //! Release version should be set to 0 as default and can be updated by the PMs for each CSP point release
 #define AMDSMI_LIB_VERSION_RELEASE 0