diff --git a/NEWS b/NEWS
index 5ba8e5a..8d4389f 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,11 @@
+Overview of changes leading to 5.3.1
+Wednesday, October 19, 2022
+====================================
+- Subsetter repacker fixes. (Garret Rieger)
+- Adjust Grapheme clusters for Katakana voiced sound marks. (Behdad Esfahbod)
+- New “hb-subset” option “--preprocess-face”. (Garret Rieger)
+
+
 Overview of changes leading to 5.3.0
 Saturday, October 8, 2022
 "Women, Life, Freedom" #MahsaAmini
diff --git a/configure.ac b/configure.ac
index 7b4a2f3..f2480c3 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,6 +1,6 @@
 AC_PREREQ([2.64])
 AC_INIT([HarfBuzz],
-        [5.3.0],
+        [5.3.1],
         [https://github.com/harfbuzz/harfbuzz/issues/new],
         [harfbuzz],
         [http://harfbuzz.org/])
diff --git a/meson.build b/meson.build
index 7a5c7fd..b80679d 100644
--- a/meson.build
+++ b/meson.build
@@ -1,6 +1,6 @@
 project('harfbuzz', 'c', 'cpp',
   meson_version: '>= 0.55.0',
-  version: '5.3.0',
+  version: '5.3.1',
   default_options: [
     'cpp_rtti=false',       # Just to support msvc, we are passing -fno-exceptions also anyway
     'cpp_std=c++11',
diff --git a/src/hb-version.h b/src/hb-version.h
index dc6933e..8d6ec66 100644
--- a/src/hb-version.h
+++ b/src/hb-version.h
@@ -53,14 +53,14 @@
  *
  * The micro component of the library version available at compile-time.
  */
-#define HB_VERSION_MICRO 0
+#define HB_VERSION_MICRO 1
 
 /**
  * HB_VERSION_STRING:
  *
  * A string literal containing the library version available at compile-time.
  */
-#define HB_VERSION_STRING "5.3.0"
+#define HB_VERSION_STRING "5.3.1"
 
 /**
  * HB_VERSION_ATLEAST: